CAPITAL STATUS
|
||||||||
Type of stock
|
Authorized to be offered publicly (Shares)
|
Subscribed, Issued and Paid-in (Ps.)
|
||||||
Ordinary certified shares of Ps. 1 face value and 1 vote each
|
501,562,730 | 501,562,730 |
Note
|
September 30, 2013
|
June 30, 2013
|
|||||||
ASSETS
|
|||||||||
Non-current assets
|
|||||||||
Investment properties
|
10
|
4,255,433 | 4,179,901 | ||||||
Property, plant and equipment
|
11
|
1,935,584 | 1,841,454 | ||||||
Trading properties
|
12
|
182,867 | 182,553 | ||||||
Intangible assets
|
13
|
129,153 | 125,312 | ||||||
Biological assets
|
14
|
269,479 | 303,128 | ||||||
Investments in associates and joint ventures
|
8, 9
|
1,553,549 | 1,486,862 | ||||||
Deferred income tax assets
|
26
|
290,141 | 179,228 | ||||||
Income tax credit
|
206,036 | 198,871 | |||||||
Restricted assets
|
17
|
57,943 | 54,631 | ||||||
Trade and other receivables
|
18
|
303,123 | 291,430 | ||||||
Investment in financial assets
|
19
|
665,215 | 253,742 | ||||||
Derivative financial instruments
|
20
|
15,273 | 25,377 | ||||||
Total non-current assets
|
9,863,796 | 9,122,489 | |||||||
Current Assets
|
|||||||||
Trading properties
|
12
|
10,813 | 11,689 | ||||||
Biological assets
|
14
|
100,490 | 97,564 | ||||||
Inventories
|
15
|
241,837 | 252,376 | ||||||
Restricted assets
|
17
|
1,179 | 1,022 | ||||||
Income tax credit
|
4,897 | 4,779 | |||||||
Trade and other receivables
|
18
|
1,211,625 | 1,446,091 | ||||||
Investment in financial assets
|
19
|
580,358 | 385,585 | ||||||
Derivative financial instruments
|
20
|
18,671 | 41,544 | ||||||
Cash and cash equivalents
|
21
|
634,759 | 1,047,586 | ||||||
Total current assets
|
2,804,629 | 3,288,236 | |||||||
TOTAL ASSETS
|
12,668,425 | 12,410,725 | |||||||
SHAREHOLDERS EQUITY
|
|||||||||
Capital and reserves attributable to equity holders of the parent
|
|||||||||
Share capital
|
496,562 | 496,562 | |||||||
Treasury stock
|
5,001 | 5,001 | |||||||
Inflation adjustment of share capital and treasury stock
|
65,425 | 65,425 | |||||||
Share premium
|
773,079 | 773,079 | |||||||
Share warrants
|
106,264 | 106,264 | |||||||
Cumulative translation adjustment
|
73,874 | 2,284 | |||||||
Changes in non-controlling interest
|
(22,204 | ) | (21,996 | ) | |||||
Equity-settled compensation
|
13,917 | 8,345 | |||||||
Legal reserve
|
46,835 | 46,835 | |||||||
Reserve for new developments
|
337,065 | 337,065 | |||||||
Special reserve
|
695,628 | 695,628 | |||||||
Retained earnings
|
(124,371 | ) | (26,522 | ) | |||||
Equity attributable to equity holders of the parent
|
2,467,075 | 2,487,970 | |||||||
Non-controlling interest
|
2,310,410 | 2,231,096 | |||||||
TOTAL SHAREHOLDERS EQUITY
|
4,777,485 | 4,719,066 |
|
The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.
|
Cresud S.A.C.I.F. y A. | |||
|
By:
|
/s/ Alejandro G. Elsztain | |
Alejandro G. Elsztain | |||
Vice- President II acting as President | |||
Note
|
September 30, 2013
|
June 30, 2013
|
|||||||
LIABILITIES
|
|||||||||
Non-current liabilities
|
|||||||||
Trade and other payables
|
22
|
251,786 | 228,267 | ||||||
Income tax liabilities
|
66,979 | - | |||||||
Borrowings
|
25
|
4,032,506 | 4,189,896 | ||||||
Deferred income tax liabilities
|
26
|
518,821 | 530,263 | ||||||
Derivative financial instruments
|
20
|
- | 2,773 | ||||||
Payroll and social security liabilities
|
23
|
5,611 | 3,984 | ||||||
Provisions
|
24
|
102,718 | 71,626 | ||||||
Total non-current liabilities
|
4,978,421 | 5,026,809 | |||||||
Current liabilities
|
|||||||||
Trade and other payables
|
22
|
868,803 | 911,700 | ||||||
Income tax liabilities
|
35,005 | 80,024 | |||||||
Payroll and social security liabilities
|
23
|
103,534 | 120,835 | ||||||
Borrowings
|
25
|
1,881,637 | 1,527,390 | ||||||
Derivative financial instruments
|
20
|
8,205 | 8,691 | ||||||
Provisions
|
24
|
15,335 | 16,210 | ||||||
Total current liabilities
|
2,912,519 | 2,664,850 | |||||||
TOTAL LIABILITIES
|
7,890,940 | 7,691,659 | |||||||
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES
|
12,668,425 | 12,410,725 |
Cresud S.A.C.I.F. y A. | |||
|
By:
|
/s/ Alejandro G. Elsztain | |
Alejandro G. Elsztain | |||
Vice- President II acting as President | |||
Note
|
September 30, 2013
|
September 30, 2012
|
|||||||
Revenues
|
28
|
1,126,122 | 749,968 | ||||||
Costs
|
29
|
(885,868 | ) | (640,722 | ) | ||||
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
|
126,252 | 188,662 | |||||||
Changes in the net realizable value of agricultural produce after harvest
|
(8,012 | ) | 23,240 | ||||||
Gross profit
|
358,494 | 321,148 | |||||||
Gain from disposal of investment properties
|
- | 29,468 | |||||||
General and administrative expenses
|
30
|
(111,242 | ) | (76,875 | ) | ||||
Selling expenses
|
30
|
(80,885 | ) | (60,427 | ) | ||||
Other operating results
|
32
|
(4,718 | ) | (36,824 | ) | ||||
Profit from operations
|
161,649 | 176,490 | |||||||
Share of profit of associates and joint ventures
|
8, 9
|
38,366 | 15,746 | ||||||
Profit from operations before financing and taxation
|
200,015 | 192,236 | |||||||
Finance income
|
33
|
73,492 | 51,024 | ||||||
Finance cost
|
33
|
(473,780 | ) | (242,211 | ) | ||||
Other financial results
|
33
|
65,876 | 22,655 | ||||||
Financial results, net
|
33
|
(334,412 | ) | (168,532 | ) | ||||
(Loss) / profit before income tax
|
(134,397 | ) | 23,704 | ||||||
Income tax expense
|
26
|
45,382 | (15,703 | ) | |||||
(Loss) / profit for the period
|
(89,015 | ) | 8,001 | ||||||
Attributable to:
|
|||||||||
Equity holders of the parent
|
(97,849 | ) | (16,518 | ) | |||||
Non-controlling interest
|
8,834 | 24,519 | |||||||
Profit per share attributable to equity holders of the parent during the period:
|
|||||||||
Basic
|
(0.20 | ) | (0.03 | ) | |||||
Diluted
|
(i) (0.20)
|
(i) (0.03)
|
(i)
|
Due to the loss for the period, there is no diluted effect on this result.
|
Cresud S.A.C.I.F. y A. | |||
|
By:
|
/s/ Alejandro G. Elsztain | |
Alejandro G. Elsztain | |||
Vice- President II acting as President | |||
September 30, 2013
|
September 30, 2012
|
|||||||
(Loss) / profit for the period
|
(89,015 | ) | 8,001 | |||||
Other comprehensive income:
|
||||||||
Items that may be reclassified subsequently to profit or loss:
|
||||||||
Currency translation adjustment
|
144,156 | 50,789 | ||||||
Currency translation adjustment from associates and joint ventures
|
(855 | ) | 245 | |||||
Other comprehensive income for the period (i)
|
143,301 | 51,034 | ||||||
Total comprehensive income for the period
|
54,286 | 59,035 | ||||||
Attributable to:
|
||||||||
Equity holders of the parent
|
(26,259 | ) | 5,979 | |||||
Non-controlling interest
|
80,545 | 53,056 |
(i)
|
Components of other comprehensive income have no impact on income tax.
|
Cresud S.A.C.I.F. y A. | |||
|
By:
|
/s/ Alejandro G. Elsztain | |
Alejandro G. Elsztain | |||
Vice- President II acting as President | |||
Share Capital
|
Treasury Stock
|
Inflation adjustment of Share Capital and Treasury Stock
|
Share premium
|
Share
warrants
|
Subtotal
|
Changes in non-controlling interest
|
Cumulative currency translation adjustment
|
Equity-settled
compensation
|
Legal reserve
|
Reserve for new developments
|
Special reserve (1)
|
Retained earnings
|
Subtotal
|
Non-controlling interest
|
Total shareholders’ equity
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of July 1, 2013
|
496,562 | 5,001 | 65,425 | 773,079 | 106,264 | 1,446,331 | (21,996 | ) | 2,284 | 8,345 | 46,835 | 337,065 | 695,628 | (26,522 | ) | 2,487,970 | 2,231,096 | 4,719,066 | ||||||||||||||||||||||||||||||||||||||||||||||
(Loss) / gain for the period
|
- | - | - | - | - | - | - | - | - | - | - | - | (97,849 | ) | (97,849 | ) | 8,834 | (89,015 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Others comprehensive income for the period
|
- | - | - | - | - | - | - | 71,590 | - | - | - | - | - | 71,590 | 71,711 | 143,301 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income / (loss) for the period
|
- | - | - | - | - | - | - | 71,590 | - | - | - | - | (97,849 | ) | (26,259 | ) | 80,545 | 54,286 | ||||||||||||||||||||||||||||||||||||||||||||||
Equity-settled compensation
|
- | - | - | - | - | - | - | - | 5,860 | - | - | - | - | 5,860 | 2,638 | 8,498 | ||||||||||||||||||||||||||||||||||||||||||||||||
Changes in non-controlling interest
|
- | - | - | - | - | - | (208 | ) | - | - | - | - | - | - | (208 | ) | (2,995 | ) | (3,203 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Cancellation of Brasilagro warrants
|
- | - | - | - | - | - | - | - | (288 | ) | - | - | - | - | (288 | ) | - | (288 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Cash dividends
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | (509 | ) | (509 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution of non-controlling interest
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 347 | 347 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital distribution
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | (712 | ) | (712 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2013
|
496,562 | 5,001 | 65,425 | 773,079 | 106,264 | 1,446,331 | (22,204 | ) | 73,874 | 13,917 | 46,835 | 337,065 | 695,628 | (124,371 | ) | 2,467,075 | 2,310,410 | 4,777,485 |
(1)
|
Related to CNV General Resolution No. 609/12. See Note 27.
|
Cresud S.A.C.I.F. y A. | |||
|
By:
|
/s/ Alejandro G. Elsztain | |
Alejandro G. Elsztain | |||
Vice- President II acting as President | |||
Share Capital
|
Treasury Stock
|
Inflation adjustment of Share Capital and Treasury Stock
|
Share premium
|
Share warrants
|
Subtotal
|
Changes in non-controlling interest
|
Cumulative currency translation adjustment
|
Equity-settled
compensation
|
Legal reserve
|
Reserve for new developments
|
Retained earnings
|
Subtotal
|
Non-controlling interest
|
Total shareholders’ equity
|
||||||||||||||||||||||||||||||||||||||||||||||
Balance as of July 1, 2012
|
496,562 | 5,001 | 166,218 | 773,079 | 106,263 | 1,547,123 | (9,596 | ) | (81,939 | ) | 4,540 | 42,922 | 389,202 | 666,611 | 2,558,863 | 2,132,648 | 4,691,511 | |||||||||||||||||||||||||||||||||||||||||||
(Loss) / Gain for the period
|
- | - | - | - | - | - | - | - | - | - | - | (16,518 | ) | (16,518 | ) | 24,519 | 8,001 | |||||||||||||||||||||||||||||||||||||||||||
Others comprehensive income for the period
|
- | - | - | - | - | - | - | 22,497 | - | - | - | - | 22,497 | 28,537 | 51,034 | |||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive (loss) / income for the period
|
- | - | - | - | - | - | - | 22,497 | - | - | - | (16,518 | ) | 5,979 | 53,056 | 59,035 | ||||||||||||||||||||||||||||||||||||||||||||
Changes in non-controlling interest
|
- | - | - | - | - | - | 2,103 | - | - | - | - | - | 2,103 | (8,124 | ) | (6,021 | ) | |||||||||||||||||||||||||||||||||||||||||||
Equity-settled compensation
|
- | - | - | - | - | - | - | - | 1,823 | - | - | - | 1,823 | 941 | 2,764 | |||||||||||||||||||||||||||||||||||||||||||||
Capital contribution of non-controlling interest
|
- | - | - | - | - | - | - | - | - | - | - | - | - | 1,700 | 1,700 | |||||||||||||||||||||||||||||||||||||||||||||
Capital distribution
|
- | - | - | - | - | - | - | - | - | - | - | - | - | (10,215 | ) | (10,215 | ) | |||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants
|
- | - | - | - | 1 | 1 | - | - | - | - | - | - | 1 | - | 1 | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2012
|
496,562 | 5,001 | 166,218 | 773,079 | 106,264 | 1,547,124 | (7,493 | ) | (59,442 | ) | 6,363 | 42,922 | 389,202 | 650,093 | 2,568,769 | 2,170,006 | 4,738,775 |
Cresud S.A.C.I.F. y A. | |||
|
By:
|
/s/ Alejandro G. Elsztain | |
Alejandro G. Elsztain | |||
Vice- President II acting as President | |||
Note
|
September 30, 2013
|
September 30, 2012
|
||
Net cash generated from operating activities:
|
||||
Cash generated from operations
|
21
|
420,589
|
416,869
|
|
Income tax paid
|
(48,778)
|
(25,972)
|
||
Net cash generated from operating activities
|
371,811
|
390,897
|
||
Net cash generated from investing activities:
|
||||
Acquisition of associates and joint ventures
|
(13,259)
|
-
|
||
Capital contributions to joint ventures
|
(1,220)
|
(7,570)
|
||
Acquisition of derivative financial instruments
|
(2,000)
|
-
|
||
Suppliers advances
|
(13,120)
|
-
|
||
Purchases of investment properties
|
(71,698)
|
(37,210)
|
||
Proceeds from sale of subsidiaries
|
274
|
-
|
||
Proceeds from sale of investment properties
|
119,000
|
53,487
|
||
Purchases of property, plant and equipment
|
(29,858)
|
(138,497)
|
||
Proceeds from sale of property, plant and equipment
|
650
|
2,546
|
||
Proceeds from sale of farmlands
|
15,504
|
2,270
|
||
Purchases of intangible assets
|
(281)
|
(707)
|
||
Acquisition of Investment in financial assets
|
(915,896)
|
(127,302)
|
||
Proceeds from disposals of Investment in financial assets
|
380,089
|
65,900
|
||
Loans granted to associates and joint ventures
|
(14,280)
|
(18,245)
|
||
Loans repayments received from associates and joint ventures
|
445
|
211
|
||
Proceeds from sale of joint ventures
|
7,736
|
-
|
||
Dividends received
|
15,878
|
4,953
|
||
Net cash used in investing activities
|
(522,036)
|
(200,164)
|
||
Net cash generated from financing activities:
|
||||
Repurchase of equity interest
|
(3,478)
|
-
|
||
Proceeds from issuance of non-convertible notes, net
|
-
|
142,168
|
||
Payment of non-convertible notes net
|
(151,538)
|
(96,904)
|
||
Borrowings
|
248,760
|
103,624
|
||
Payment of seller financing of shares
|
(1,640)
|
-
|
||
Repayments of borrowings
|
(215,887)
|
(258,695)
|
||
Payments of borrowings from subsidiaries, associates and joint ventures
|
(186)
|
-
|
||
Proceeds from borrowings from associates and joint ventures
|
2,000
|
47,181
|
||
Proceeds from warrants
|
-
|
1
|
||
Cancellation of Brasilagro warrants
|
(288)
|
-
|
||
Payment of seller financing
|
(438)
|
(2,044)
|
||
Acquisition of non-controlling interest in subsidiaries
|
-
|
(5,694)
|
||
Dividend paid to non-controlling interest
|
(5,790)
|
(38,684)
|
||
Contributions from non-controlling interest
|
347
|
1,700
|
||
Capital reduction of subsidiaries
|
(812)
|
(10,215)
|
||
Interest paid
|
(174,149)
|
(130,430)
|
||
Net cash used in financing activities
|
(303,099)
|
(247,992)
|
||
Net decrease in cash and cash equivalents
|
(453,324)
|
(57,259)
|
||
Cash and cash equivalents at beginning of period
|
21
|
1,047,586
|
471,922
|
|
Foreign exchange gain on cash and cash equivalents
|
40,497
|
6,694
|
||
Cash and cash equivalents at end of period
|
634,759
|
421,357
|
Cresud S.A.C.I.F. y A. | |||
|
By:
|
/s/ Alejandro G. Elsztain | |
Alejandro G. Elsztain | |||
Vice- President II acting as President | |||
1.
|
General information
|
1.1
|
The Group’s business and general information
|
1.
|
General information (Continued)
|
2.
|
Basis of preparation of the Unaudited Condensed Interim Consolidated Financial Statements
|
2.1.
|
Basis of preparation
|
2.
|
Basis of preparation of the unaudited condensed interim consolidated financial statements (Continued)
|
2.2
|
Significant Accounting Policies
|
2.3
|
Use of estimates
|
3.
|
Seasonal effects on operations
|
3.
|
Seasonal effects on operations (Continued)
|
4.
|
Acquisitions and disposals
|
4.
|
Acquisitions and disposals (Continued)
|
Ps. (million)
|
||||
Carrying value of the non controlling interests sold by the Group
|
(0.25 | ) | ||
Consideration collected from non-controlling interests
|
0.27 | |||
Reserve recorded in shareholders’ equity
|
0.02 |
Ps. (million)
|
||||
Amount paid for repurchase
|
(2.29 | ) | ||
Decrease in non-controlling interest
|
2.31 | |||
Reserve recorded in shareholders’ equity
|
0.02 |
4.
|
Acquisitions and disposals (Continued)
|
Ps. (million)
|
||||
Amount paid for repurchase
|
(1.18 | ) | ||
Decrease in non-controlling interest
|
0.93 | |||
Reserve recorded in shareholders’ equity
|
(0.25 | ) |
5.
|
Financial risk management
|
6.
|
Segment reporting
|
Agricultural business (I)
|
Urban properties and investments (II)
|
Total
|
||||||||||
Revenues
|
506,329 | 638,375 | 1,144,704 | |||||||||
Costs
|
(592,527 | ) | (307,656 | ) | (900,183 | ) | ||||||
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
|
126,604 | - | 126,604 | |||||||||
Changes in the net realizable value of agricultural produce after harvest
|
(8,012 | ) | - | (8,012 | ) | |||||||
Gross profit
|
32,394 | 330,719 | 363,113 | |||||||||
General and administrative expenses
|
(53,239 | ) | (58,698 | ) | (111,937 | ) | ||||||
Selling expenses
|
(50,302 | ) | (31,821 | ) | (82,123 | ) | ||||||
Other operating results
|
4,678 | (10,237 | ) | (5,559 | ) | |||||||
(Loss) / profit from operations
|
(66,469 | ) | 229,963 | 163,494 | ||||||||
Share of profit of associates
|
2 | 34,356 | 34,358 | |||||||||
Segment (loss) / profit
|
(66,467 | ) | 264,319 | 197,852 | ||||||||
Investment properties
|
24,150 | 4,392,113 | 4,416,263 | |||||||||
Property, plant and equipment
|
1,778,459 | 229,373 | 2,007,832 | |||||||||
Trading properties
|
- | 205,164 | 205,164 | |||||||||
Goodwill
|
6,872 | 79,692 | 86,564 | |||||||||
Biological assets
|
371,554 | - | 371,554 | |||||||||
Inventories
|
230,024 | 15,361 | 245,385 | |||||||||
Interests in associates
|
27,893 | 1,217,520 | 1,245,413 | |||||||||
Total segment assets
|
2,438,952 | 6,139,223 | 8,578,175 |
6.
|
Segment information (Continued)
|
Agricultural business (I)
|
Urban properties and investments (II)
|
Total
|
||||||||||
Revenues
|
268,791 | 532,689 | 801,480 | |||||||||
Costs
|
(401,633 | ) | (280,353 | ) | (681,986 | ) | ||||||
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
|
189,643 | - | 189,643 | |||||||||
Changes in the net realizable value of agricultural produce after harvest
|
23,240 | - | 23,240 | |||||||||
Gross Profit
|
80,041 | 252,336 | 332,377 | |||||||||
Gain from disposal of investment properties
|
- | 29,468 | 29,468 | |||||||||
General and administrative expenses
|
(34,276 | ) | (43,986 | ) | (78,262 | ) | ||||||
Selling expenses
|
(37,076 | ) | (27,334 | ) | (64,410 | ) | ||||||
Other operating results
|
(27,955 | ) | (9,379 | ) | (37,334 | ) | ||||||
(Loss) / profit from operations
|
(19,266 | ) | 201,105 | 181,839 | ||||||||
Share of profit of associates
|
1,408 | 13,043 | 14,451 | |||||||||
Segment (loss) / profit
|
(17,858 | ) | 214,148 | 196,290 | ||||||||
Investment properties
|
42,262 | 3,573,644 | 3,615,906 | |||||||||
Property, plant and equipment
|
1,729,189 | 246,669 | 1,975,858 | |||||||||
Trading properties
|
- | 256,460 | 256,460 | |||||||||
Goodwill
|
6,120 | 25,533 | 31,653 | |||||||||
Biological assets
|
384,912 | - | 384,912 | |||||||||
Inventories
|
270,796 | 17,728 | 288,524 | |||||||||
Interests in associates
|
28,323 | 1,218,070 | 1,246,393 | |||||||||
Total segment assets
|
2,461,602 | 5,338,104 | 7,799,706 |
6.
|
Segment information (Continued)
|
(I)
|
Agriculture line of business:
|
September 30, 2013
|
||||||||||||||||||||||||||||||||||||||||
Agriculture
|
||||||||||||||||||||||||||||||||||||||||
Crops
|
Cattle
|
Dairy
|
Sugarcane
|
Agriculture Rentals and services
|
Agriculture
Subtotal
|
Land transformation
and sales
|
Agro-industrial
|
Other
segments
|
Total agricultural business (i)
|
|||||||||||||||||||||||||||||||
Revenues
|
271,079 | 24,422 | 11,763 | 66,735 | 2,124 | 376,123 | - | 105,089 | 25,117 | 506,329 | ||||||||||||||||||||||||||||||
Costs
|
(295,301 | ) | (52,568 | ) | (22,895 | ) | (107,124 | ) | (2,573 | ) | (480,461 | ) | (1,763 | ) | (89,972 | ) | (20,331 | ) | (592,527 | ) | ||||||||||||||||||||
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
|
63,265 | 10,860 | 11,482 | 40,997 | - | 126,604 | - | - | - | 126,604 | ||||||||||||||||||||||||||||||
Changes in the net realizable value of agricultural produce after harvest
|
(8,012 | ) | - | - | - | - | (8,012 | ) | - | - | - | (8,012 | ) | |||||||||||||||||||||||||||
Gross profit / (loss)
|
31,031 | (17,286 | ) | 350 | 608 | (449 | ) | 14,254 | (1,763 | ) | 15,117 | 4,786 | 32,394 | |||||||||||||||||||||||||||
General and administrative expenses
|
(26,278 | ) | (7,252 | ) | (1,671 | ) | (10,720 | ) | (2,361 | ) | (48,282 | ) | (306 | ) | (3,417 | ) | (1,234 | ) | (53,239 | ) | ||||||||||||||||||||
Selling expenses
|
(32,368 | ) | (4,127 | ) | (439 | ) | (339 | ) | (239 | ) | (37,512 | ) | 107 | (10,454 | ) | (2,443 | ) | (50,302 | ) | |||||||||||||||||||||
Other operating results
|
5,346 | (960 | ) | (220 | ) | - | (310 | ) | 3,856 | (40 | ) | (924 | ) | 1,786 | 4,678 | |||||||||||||||||||||||||
(Loss) / profit from operations
|
(22,269 | ) | (29,625 | ) | (1,980 | ) | (10,451 | ) | (3,359 | ) | (67,684 | ) | (2,002 | ) | 322 | 2,895 | (66,469 | ) | ||||||||||||||||||||||
Share of (loss)/profit of associates
|
(37 | ) | - | - | - | - | (37 | ) | - | - | 39 | 2 | ||||||||||||||||||||||||||||
Segment (loss)/profit
|
(22,306 | ) | (29,625 | ) | (1,980 | ) | (10,451 | ) | (3,359 | ) | (67,721 | ) | (2,002 | ) | 322 | 2,934 | (66,467 | ) | ||||||||||||||||||||||
Investment properties
|
- | - | - | - | 24,150 | 24,150 | - | - | - | 24,150 | ||||||||||||||||||||||||||||||
Property, plant and equipment
|
1,189,688 | 139,824 | 21,262 | 324,994 | 481 | 1,676,249 | 57,684 | 20,006 | 24,520 | 1,778,459 | ||||||||||||||||||||||||||||||
Goodwill
|
4,742 | - | - | 2,130 | - | 6,872 | - | - | - | 6,872 | ||||||||||||||||||||||||||||||
Biological assets
|
67,694 | 189,800 | 27,935 | 86,059 | - | 371,488 | - | 66 | - | 371,554 | ||||||||||||||||||||||||||||||
Inventories
|
171,830 | 18,543 | - | 1,354 | - | 191,727 | - | 13,635 | 24,662 | 230,024 | ||||||||||||||||||||||||||||||
Interests in associates
|
25,489 | - | - | - | - | 25,489 | - | - | 2,404 | 27,893 | ||||||||||||||||||||||||||||||
Total segment assets
|
1,459,443 | 348,167 | 49,197 | 414,537 | 24,631 | 2,295,975 | 57,684 | 33,707 | 51,586 | 2,438,952 |
6.
|
Segment information (Continued)
|
September 30, 2012
|
||||||||||||||||||||||||||||||||||||||||
Agriculture
|
||||||||||||||||||||||||||||||||||||||||
Crops
|
Cattle
|
Dairy
|
Sugarcane
|
Agriculture Rentals and services
|
Agriculture
Subtotal
|
Land transformation
and sales
|
Agro-industrial
|
Other
segments
|
Total agricultural business (i)
|
|||||||||||||||||||||||||||||||
Revenues
|
155,914 | 18,250 | 8,446 | 42,181 | 6,587 | 231,378 | - | 18,865 | 18,548 | 268,791 | ||||||||||||||||||||||||||||||
Costs
|
(231,070 | ) | (31,475 | ) | (17,019 | ) | (81,965 | ) | (1,835 | ) | (363,364 | ) | (1,645 | ) | (21,418 | ) | (15,206 | ) | (401,633 | ) | ||||||||||||||||||||
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
|
108,349 | 11,390 | 9,613 | 60,341 | - | 189,693 | - | - | (50 | ) | 189,643 | |||||||||||||||||||||||||||||
Changes in the net realizable value of agricultural produce after harvest
|
23,254 | (14 | ) | - | - | - | 23,240 | - | - | - | 23,240 | |||||||||||||||||||||||||||||
Gross profit / (loss)
|
56,447 | (1,849 | ) | 1,040 | 20,557 | 4,752 | 80,947 | (1,645 | ) | (2,553 | ) | 3,292 | 80,041 | |||||||||||||||||||||||||||
General and administrative expenses
|
(16,923 | ) | (4,307 | ) | (846 | ) | (7,947 | ) | (1,065 | ) | (31,088 | ) | (146 | ) | (2,212 | ) | (830 | ) | (34,276 | ) | ||||||||||||||||||||
Selling expenses
|
(31,279 | ) | (2,659 | ) | (334 | ) | (6 | ) | (440 | ) | (34,718 | ) | (16 | ) | (1,268 | ) | (1,074 | ) | (37,076 | ) | ||||||||||||||||||||
Other operating results
|
(26,411 | ) | (798 | ) | (155 | ) | (29 | ) | (195 | ) | (27,588 | ) | (27 | ) | 51 | (391 | ) | (27,955 | ) | |||||||||||||||||||||
(Loss) / profit from operations
|
(18,166 | ) | (9,613 | ) | (295 | ) | 12,575 | 3,052 | (12,447 | ) | (1,834 | ) | (5,982 | ) | 997 | (19,266 | ) | |||||||||||||||||||||||
Share of profit / (loss) of associates
|
881 | - | - | - | - | 881 | - | - | 527 | 1,408 | ||||||||||||||||||||||||||||||
Segment (loss) / profit
|
(17,285 | ) | (9,613 | ) | (295 | ) | 12,575 | 3,052 | (11,566 | ) | (1,834 | ) | (5,982 | ) | 1,524 | (17,858 | ) | |||||||||||||||||||||||
Investment properties
|
- | - | - | - | 42,262 | 42,262 | - | - | - | 42,262 | ||||||||||||||||||||||||||||||
Property, plant and equipment
|
931,541 | 132,507 | 20,938 | 556,254 | 2,714 | 1,643,954 | 57,668 | 20,725 | 6,842 | 1,729,189 | ||||||||||||||||||||||||||||||
Goodwill
|
4,286 | - | - | 1,834 | - | 6,120 | - | - | - | 6,120 | ||||||||||||||||||||||||||||||
Biological assets
|
82,792 | 187,723 | 27,010 | 87,387 | - | 384,912 | - | - | - | 384,912 | ||||||||||||||||||||||||||||||
Inventories
|
257,129 | 1,931 | - | 6,334 | - | 265,394 | - | 5,402 | - | 270,796 | ||||||||||||||||||||||||||||||
Interests in associates
|
12,783 | 7,304 | 522 | 2,087 | 261 | 22,957 | - | 1,043 | 4,323 | 28,323 | ||||||||||||||||||||||||||||||
Total segment assets
|
1,288,531 | 329,465 | 48,470 | 653,896 | 45,237 | 2,365,599 | 57,668 | 27,170 | 11,165 | 2,461,602 |
6.
|
Segment information (Continued)
|
(II)
|
Urban properties and investments
|
September 30, 2013
|
||||||||||||||||||||||||||||
Shopping Center Properties
|
Offices
|
Sales and developments
|
Hotel
|
International
|
Financial operations
and others
|
Total urban and investment properties (II)
|
||||||||||||||||||||||
Revenues
|
455,839 | 74,004 | 16,060 | 72,927 | 19,361 | 184 | 638,375 | |||||||||||||||||||||
Costs
|
(204,865 | ) | (29,181 | ) | (11,871 | ) | (49,745 | ) | (11,745 | ) | (249 | ) | (307,656 | ) | ||||||||||||||
Gross profit / (loss)
|
250,974 | 44,823 | 4,189 | 23,182 | 7,616 | (65 | ) | 330,719 | ||||||||||||||||||||
General and administrative expenses
|
(24,994 | ) | (8,134 | ) | (7,325 | ) | (13,867 | ) | (4,323 | ) | (55 | ) | (58,698 | ) | ||||||||||||||
Selling expenses
|
(14,044 | ) | (6,968 | ) | (2,532 | ) | (8,674 | ) | - | 397 | (31,821 | ) | ||||||||||||||||
Other operating results
|
(5,909 | ) | (868 | ) | (1,147 | ) | (106 | ) | (135 | ) | (2,072 | ) | (10,237 | ) | ||||||||||||||
Profit / (loss) from operations
|
206,027 | 28,853 | (6,815 | ) | 535 | 3,158 | (1,795 | ) | 229,963 | |||||||||||||||||||
Share of profit / (loss) of associates
|
- | 1,173 | 632 | 129 | (23,437 | ) | 55,859 | 34,356 | ||||||||||||||||||||
Segment profit / (loss)
|
206,027 | 30,026 | (6,183 | ) | 664 | (20,279 | ) | 54,064 | 264,319 | |||||||||||||||||||
Investment properties
|
2,304,091 | 847,645 | 438,246 | - | 794,211 | 7,920 | 4,392,113 | |||||||||||||||||||||
Property, plant and equipment
|
18,723 | 28,825 | 4,010 | 177,611 | 204 | - | 229,373 | |||||||||||||||||||||
Trading properties
|
1,484 | 99 | 122,563 | - | 81,018 | - | 205,164 | |||||||||||||||||||||
Goodwill
|
8,582 | 11,661 | 4,541 | - | 54,908 | - | 79,692 | |||||||||||||||||||||
Inventories
|
8,101 | - | 508 | 6,752 | - | - | 15,361 | |||||||||||||||||||||
Interests in associates
|
- | 25,268 | 33,391 | 21,468 | 974 | 1,136,419 | 1,217,520 | |||||||||||||||||||||
Total segment assets
|
2,340,981 | 913,498 | 603,259 | 205,831 | 931,315 | 1,144,339 | 6,139,223 |
6.
|
Segment information (Continued)
|
September 30, 2012
|
||||||||||||||||||||||||||||
Shopping Center Properties
|
Offices
|
Sales and developments
|
Hotels
|
International
|
Financial operation and others
|
Total urban properties and investments (II)
|
||||||||||||||||||||||
Revenues
|
355,578 | 70,122 | 52,503 | 53,793 | - | 693 | 532,689 | |||||||||||||||||||||
Costs
|
(170,526 | ) | (29,543 | ) | (39,139 | ) | (40,729 | ) | - | (416 | ) | (280,353 | ) | |||||||||||||||
Gross profit
|
185,052 | 40,579 | 13,364 | 13,064 | - | 277 | 252,336 | |||||||||||||||||||||
Gain from disposal of investment properties
|
- | - | 29,468 | - | - | - | 29,468 | |||||||||||||||||||||
General and administrative expenses
|
(14,408 | ) | (6,752 | ) | (6,981 | ) | (12,348 | ) | (3,241 | ) | (256 | ) | (43,986 | ) | ||||||||||||||
Selling expenses
|
(11,902 | ) | (2,852 | ) | (5,044 | ) | (6,990 | ) | - | (546 | ) | (27,334 | ) | |||||||||||||||
Other operating results
|
(5,902 | ) | (819 | ) | (1,675 | ) | 185 | (2,084 | ) | 916 | (9,379 | ) | ||||||||||||||||
Profit / (loss) from operations
|
152,840 | 30,156 | 29,132 | (6,089 | ) | (5,325 | ) | 391 | 201,105 | |||||||||||||||||||
Share of profit / (loss) of associates
|
- | - | 564 | 43 | (18,339 | ) | 30,775 | 13,043 | ||||||||||||||||||||
Segment profit / (loss)
|
152,840 | 30,156 | 29,696 | (6,046 | ) | (23,664 | ) | 31,166 | 214,148 | |||||||||||||||||||
Investment properties
|
2,050,028 | 969,754 | 545,327 | - | - | 8,535 | 3,573,644 | |||||||||||||||||||||
Property, plant and equipment
|
14,613 | 36,732 | 3,761 | 191,364 | 199 | - | 246,669 | |||||||||||||||||||||
Trading properties
|
- | 127 | 189,742 | - | 66,591 | - | 256,460 | |||||||||||||||||||||
Goodwill
|
7,422 | 13,232 | 4,879 | - | - | - | 25,533 | |||||||||||||||||||||
Inventories
|
11,312 | - | 484 | 5,932 | - | - | 17,728 | |||||||||||||||||||||
Interests in associates
|
- | - | 41,423 | 21,299 | 104,192 | 1,051,156 | 1,218,070 | |||||||||||||||||||||
Total segment assets
|
2,083,375 | 1,019,845 | 785,616 | 218,595 | 170,982 | 1,059,691 | 5,338,104 |
6.
|
Segment information (Continued)
|
September 30, 2013
|
||||||||||||
Total segment information
|
Adjustment for share of profit / (loss) of joint ventures
|
Total
Statement of Income
|
||||||||||
Revenues
|
1,144,704 | (18,582 | ) | 1,126,122 | ||||||||
Costs
|
(900,183 | ) | 14,315 | (885,868 | ) | |||||||
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
|
126,604 | (352 | ) | 126,252 | ||||||||
Changes in the net realizable value of agricultural produce after harvest
|
(8,012 | ) | - | (8,012 | ) | |||||||
Gross profit / (loss)
|
363,113 | (4,619 | ) | 358,494 | ||||||||
General and administrative expenses
|
(111,937 | ) | 695 | (111,242 | ) | |||||||
Selling expenses
|
(82,123 | ) | 1,238 | (80,885 | ) | |||||||
Other operating results
|
(5,559 | ) | 841 | (4,718 | ) | |||||||
Profit from operations before share of associates and Joint Ventures
|
163,494 | (1,845 | ) | 161,649 | ||||||||
Share of profit of associates and joint ventures
|
34,358 | 4,008 | 38,366 | |||||||||
Profit from operations before Financing and Taxation
|
197,852 | 2,163 | 200,015 |
6.
|
Segment information (Continued)
|
September 30, 2012
|
||||||||||||
Total segment information
|
Adjustment for share of profit / (loss) of
joint ventures
|
Total
Statement of Income
|
||||||||||
Revenues
|
801,480 | (51,512 | ) | 749,968 | ||||||||
Costs
|
(681,986 | ) | 41,264 | (640,722 | ) | |||||||
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
|
189,643 | (981 | ) | 188,662 | ||||||||
Changes in the net realizable value of agricultural produce after harvest
|
23,240 | - | 23,240 | |||||||||
Gross profit
|
332,377 | (11,229 | ) | 321,148 | ||||||||
Gain from disposal of investment properties
|
29,468 | - | 29,468 | |||||||||
General and administrative expenses
|
(78,262 | ) | 1,387 | (76,875 | ) | |||||||
Selling expenses
|
(64,410 | ) | 3,983 | (60,427 | ) | |||||||
Other operating results
|
(37,334 | ) | 510 | (36,824 | ) | |||||||
Profit from operations before share of associates and Joint Ventures
|
181,839 | (5,349 | ) | 176,490 | ||||||||
Share of profit of associates and joint ventures
|
14,451 | 1,295 | 15,746 | |||||||||
Profit from operations before Financing and Taxation
|
196,290 | (4,054 | ) | 192,236 |
September 30, 2013
|
||||
Total reportable assets as per Segment Information
|
8,578,175 | |||
Deconsolidation of investment properties
|
(160,830 | ) | ||
Deconsolidation of property, plant and equipment
|
(72,248 | ) | ||
Deconsolidation of trading properties
|
(11,484 | ) | ||
Deconsolidation of goodwill
|
(5,235 | ) | ||
Deconsolidation of biological assets
|
(1,585 | ) | ||
Deconsolidation of inventories
|
(3,548 | ) | ||
Deconsolidation of investments in associates and joint ventures
|
308,136 | |||
Total assets as per the Statement of Financial Position
|
8,631,381 |
7.
|
Information about principal subsidiaries
|
IRSA | Brasilagro | |||||||||||||||
September 30, 2013 | June 30, 2013 | September 30, 2013 | June 30, 2013 | |||||||||||||
Assets
|
||||||||||||||||
Non-current assets
|
7,096,268 | 6,487,209 | 1,267,709 | 1,210,560 | ||||||||||||
Current assets
|
1,301,673 | 1,839,320 | 705,318 | 667,656 | ||||||||||||
Total assets
|
8,397,941 | 8,326,529 | 1,973,027 | 1,878,216 | ||||||||||||
Liabilities
|
||||||||||||||||
Non-current liabilities
|
3,853,168 | 3,590,593 | 161,438 | 168,553 | ||||||||||||
Current liabilities
|
1,351,138 | 1,605,247 | 295,520 | 278,594 | ||||||||||||
Total liabilities
|
5,204,306 | 5,195,840 | 456,958 | 447,147 | ||||||||||||
Net assets
|
3,193,635 | 3,130,689 | 1,516,069 | 1,431,069 |
7.
|
Information about principal subsidiaries (Continued)
|
IRSA
|
Brasilagro
|
|||||||||||||||
September 30, 2013
|
September 30, 2012
|
September 30, 2013
|
September 30, 2012
|
|||||||||||||
Revenues
|
621,447 | 483,047 | 93,474 | 88,539 | ||||||||||||
Profit before income tax
|
48,216 | 88,436 | (12,592 | ) | (809 | ) | ||||||||||
Income tax expense
|
(12,948 | ) | (37,626 | ) | 2,656 | 1,337 | ||||||||||
Profit / (loss) for the period
|
35,268 | 50,810 | (9,936 | ) | 528 | |||||||||||
Other comprehensive income
|
23,293 | 10,490 | 96,476 | 41,071 | ||||||||||||
Total other comprehensive income
|
58,561 | 61,300 | 86,540 | 41,599 | ||||||||||||
Loss attributable to non-controlling interest
|
(11,268 | ) | (9,668 | ) | - | - |
IRSA
|
Brasilagro
|
|||||||||||||||
September 30, 2013
|
September 30, 2012
|
September 30, 2013
|
September 30, 2012
|
|||||||||||||
Cash flow from operating activities
|
||||||||||||||||
Net cash generated from operating activities
|
203,441 | 246,108 | 104,398 | 96,001 | ||||||||||||
Cash flow from investing activities
|
||||||||||||||||
Net cash used in investing activities
|
(493,797 | ) | (72,077 | ) | (12,324 | ) | (115,586 | ) | ||||||||
Cash flow from financing activities
|
||||||||||||||||
Net cash used in financing activities
|
(246,189 | ) | (153,759 | ) | (18,872 | ) | (11,377 | ) | ||||||||
Net (decrease) / increase in cash and cash equivalents
|
(536,545 | ) | 20,272 | 73,202 | (30,962 | ) | ||||||||||
Cash and cash equivalents at beginning of period
|
796,902 | 259,169 | 197,113 | 151,064 | ||||||||||||
Foreign exchange gain on cash and cash equivalents
|
20,831 | 1,901 | 18,015 | 4,347 | ||||||||||||
Cash and cash equivalents at end of period
|
281,188 | 281,342 | 288,330 | 124,449 |
8.
|
Interests in joint ventures
|
September 30, 2013
|
June 30, 2013
|
|||||||
Beginning of the period / year
|
324,194 | 260,994 | ||||||
Acquisition of Joint Ventures (ii)
|
(12 | ) | 25,899 | |||||
Capital contribution
|
1,220 | 42,892 | ||||||
Disposal of joint ventures
|
- | (6,534 | ) | |||||
Cash dividends (i)
|
- | (1,250 | ) | |||||
Share of profit/(loss)
|
5,183 | (661 | ) | |||||
Currency translation adjustments
|
2,795 | 2,854 | ||||||
End of the period / year (iii)
|
333,380 | 324,194 |
(i)
|
During year ended on 2013, the Group cashed dividends from Nuevo Puerto Santa Fe in the amount of Ps. 1.3 million.
|
(ii)
|
See Note 4.
|
(iii)
|
Include a balance of Ps. (22) reflecting interests in companies with negative equity as of September 30, 2013 which are reclassified to “Provision”. See Note 24.
|
9.
|
Interests in associates
|
September 30, 2013
|
June 30, 2013
|
|||||||
Beginning of the period / year
|
1,123,577 | 1,239,566 | ||||||
Acquisition of Associates
|
13,057 | - | ||||||
Capital contribution
|
- | 37,721 | ||||||
Business combinations
|
- | (103,315 | ) | |||||
Share of profit / (loss)
|
33,183 | (9,157 | ) | |||||
Currency translation adjustments
|
(3,650 | ) | (1,139 | ) | ||||
Cash dividends (i)
|
(12,476 | ) | (40,099 | ) | ||||
End of the period / year (ii)
|
1,153,691 | 1,123,577 |
(i)
|
As of September, 2013, the Group cashed dividends from Agro-Uranga S.A. and BHSA in the amount of Ps. 2.0 million and Ps. 9.1 million, respectively. During the year ended on 2013, the Group cash dividends from Agro-Uranga S.A., Manibil S.A. and BHSA in the amount of Ps. 3.4 million, Ps. 4.8 million and Ps. 30.5 million, respectively.
|
(ii)
|
Include a balance of Ps. (66,456) and Ps. (39,091) reflecting interests in companies with negative equity as of September 30, 2013 and June 30, 2013, respectively, which is reclassified to “Provisions” (see Note 24).
|
10.
|
Investment properties
|
September 30, 2013
|
June 30, 2013
|
|||||||
Beginning of the period / year
|
4,179,901 | 3,463,941 | ||||||
Additions
|
71,698 | 213,052 | ||||||
Reclassification of property, plant and equipment
|
(2,932 | ) | 10,095 | |||||
Acquisition of interest in subsidiaries
|
- | 679,219 | ||||||
Disposals
|
(64 | ) | (69,505 | ) | ||||
Depreciation charge (i)
|
(50,844 | ) | (195,911 | ) | ||||
Currency translation adjustments
|
57,674 | 79,010 | ||||||
End of the period / year
|
4,255,433 | 4,179,901 |
(i)
|
Depreciation charges of investment properties were included in “Group Costs” in the Statement of Income (Note 30).
|
September 30, 2013
|
September 30, 2012
|
|||||||
Rental and service income
|
557,390 | 436,022 | ||||||
Direct operating expenses
|
(245,217 | ) | (200,015 | ) | ||||
Gain from disposal of investment properties
|
- | 29,468 |
11.
|
Property, plant and equipment
|
September 30, 2013
|
June 30, 2013
|
|||||||
Beginning of the period / year
|
1,841,454 | 1,872,920 | ||||||
Currency translation adjustments
|
78,421 | 100,895 | ||||||
Additions
|
29,858 | 140,014 | ||||||
Reclassifications to investment properties
|
2,932 | (10,095 | ) | |||||
Reclassifications to intangibles assets
|
- | (336 | ) | |||||
Disposals
|
(801 | ) | (183,143 | ) | ||||
Depreciation charge (Note 30) (i)
|
(16,280 | ) | (78,801 | ) | ||||
End of the period / year
|
1,935,584 | 1,841,454 |
(i)
|
For the three-month period ended as of September 30, 2013, depreciation charges of property, plant and equipment were included as follows: Ps. 1,465 under the line item “General and administrative expenses”, Ps. 69 under the line item “Selling expenses” and Ps. 14,746 under the line item “Cost” in the Statement of Income. For the fiscal year ended June 30, 2013, depreciation charges of property, plant and equipment were included as follows: Ps. 5,663 under the line item “General and administrative expenses”, Ps. 279 under the line item “Selling expenses” and Ps. 72,859 under the line item “Cost” in the Statement of Income.
|
12.
|
Trading properties
|
September 30, 2013
|
June 30, 2013
|
|||||||
Beginning of the period / year
|
194,242 | 181,001 | ||||||
Currency translation adjustments
|
(30 | ) | 17,757 | |||||
Additions
|
588 | 1,482 | ||||||
Disposals
|
(1,120 | ) | (5,998 | ) | ||||
End of the period / year
|
193,680 | 194,242 |
13.
|
Intangible assets
|
September 30, 2013
|
June 30, 2013
|
|||||||
Beginning of the period / year
|
125,312 | 75,077 | ||||||
Currency translation adjustments
|
4,671 | 6,514 | ||||||
Additions
|
281 | 2,691 | ||||||
Reclassification to property, plant and equipment
|
- | 336 | ||||||
Acquisition of interest in subsidiaries
|
- | 45,723 | ||||||
Disposals
|
- | (3 | ) | |||||
Amortization charge (i)
|
(1,111 | ) | (5,026 | ) | ||||
End of the period / year
|
129,153 | 125,312 |
(i)
|
Amortization charges are included in “General and administrative expenses” in the Statement of Income. (Note 30). There was no impairment charges for any of the periods presented.
|
14.
|
Biological assets
|
September 30, 2013
|
June 30, 2013
|
|||||||
Beginning of the period / year
|
400,692 | 363,459 | ||||||
Purchases
|
341 | 8,375 | ||||||
Initial recognition and changes in the fair value of biological assets
|
115,173 | 851,289 | ||||||
Harvest
|
(125,510 | ) | (756,067 | ) | ||||
Sales
|
(28,334 | ) | (73,788 | ) | ||||
Consumes
|
(223 | ) | (1,232 | ) | ||||
Currency translation adjustments
|
7,830 | 8,656 | ||||||
End of the period / year
|
369,969 | 400,692 |
14.
|
Biological assets (Continued)
|
Classification
|
September 30, 2013
|
June 30, 2013
|
|||||||
Non-current
|
|||||||||
Cattle for dairy production
|
Production
|
27,817 | 27,957 | ||||||
Breeding cattle
|
Production
|
146,938 | 155,058 | ||||||
Sugarcane
|
Production
|
86,059 | 111,063 | ||||||
Others
|
Production
|
8,665 | 9,050 | ||||||
Non-current biological assets
|
269,479 | 303,128 | |||||||
Current
|
|||||||||
Cattle for dairy production
|
Consumable
|
118 | 177 | ||||||
Cattle for sale
|
Consumable
|
32,121 | 40,692 | ||||||
Crops
|
Consumable
|
67,260 | 55,879 | ||||||
Others
|
Consumable
|
991 | 816 | ||||||
Current biological assets
|
100,490 | 97,564 | |||||||
Total biological assets
|
369,969 | 400,692 |
15.
|
Inventories
|
September 30, 2013
|
June 30, 2013
|
|||||||
Current
|
||||||||
Crops
|
27,007 | 120,697 | ||||||
Materials and inputs
|
177,303 | 92,900 | ||||||
Seeds and fodder
|
16,997 | 22,397 | ||||||
Hotel supplies
|
6,752 | 5,962 | ||||||
Beef
|
11,856 | 8,985 | ||||||
Others
|
1,922 | 1,435 | ||||||
Current inventories
|
241,837 | 252,376 | ||||||
Total inventories
|
241,837 | 252,376 |
16.
|
Financial instruments by category
|
16.
|
Financial instruments by category (Continued)
|
16.
|
Financial instruments by category (Continued)
|
September 30, 2013
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Financial assets at fair value through profit or loss
|
||||||||||||||||
- Investment in equity securities in TGLT
|
54,517 | - | - | 54,517 | ||||||||||||
- Investment in equity securities in Hersha
|
32,159 | - | - | 32,159 | ||||||||||||
- Other equity securities in public companies
|
894 | - | - | 894 | ||||||||||||
- Corporate bonds
|
25,051 | - | - | 25,051 | ||||||||||||
- Mutual funds
|
681,276 | - | - | 681,276 | ||||||||||||
- Shares of Supertel
|
- | - | 121,426 | 121,426 | ||||||||||||
- Non-convertible notes
|
25,680 | - | - | 25,680 | ||||||||||||
- Don Mario S.G.R.
|
12,213 | - | - | 12,213 | ||||||||||||
- Government bonds
|
292,357 | - | - | 292,357 | ||||||||||||
Derivative financial instruments:
|
||||||||||||||||
- Commodity derivatives
|
14,542 | - | - | 14,542 | ||||||||||||
- Foreign-currency contracts
|
- | 4,129 | - | 4,129 | ||||||||||||
- Interest-rate swaps
|
- | 3,223 | - | 3,223 | ||||||||||||
- Warrants of Supertel
|
- | - | 10,050 | 10,050 | ||||||||||||
- Stock call option for the shares of Arcos del
Gourmet S.A.
|
- | - | 2,000 | 2,000 | ||||||||||||
Cash and cash equivalents
|
168,011 | - | - | 168,011 | ||||||||||||
Total assets
|
1,306,700 | 7,352 | 133,476 | 1,447,528 | ||||||||||||
Liabilities
|
||||||||||||||||
Derivative financial instruments:
|
||||||||||||||||
- Foreign-currency contracts
|
- | 1,639 | - | 1,639 | ||||||||||||
- Interest-rate swaps
|
- | 818 | - | 818 | ||||||||||||
- Commodity derivatives
|
5,748 | - | - | 5,748 | ||||||||||||
Total liabilities
|
5,748 | 2,457 | - | 8,205 |
16.
|
Financial instruments by category (Continued)
|
June 30, 2013
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Financial assets at fair value through profit or loss:
|
||||||||||||||||
- Investment in equity securities in TGLT
|
56,859 | - | - | 56,859 | ||||||||||||
- Investment in equity securities in Hersha
|
30,163 | - | - | 30,163 | ||||||||||||
- Corporate bonds
|
26,738 | - | - | 26,738 | ||||||||||||
- Other equity securities in public companies
|
323 | - | - | 323 | ||||||||||||
- Mutual funds
|
195,814 | 15,851 | - | 211,665 | ||||||||||||
- Shares of Supertel
|
- | - | 139,120 | 139,120 | ||||||||||||
- Non-convertible notes
|
5,136 | - | - | 5,136 | ||||||||||||
- Don Mario S.G.R.
|
11,691 | - | - | 11,691 | ||||||||||||
- Government bonds
|
157,632 | - | - | 157,632 | ||||||||||||
Derivative financial instruments:
|
||||||||||||||||
- Commodity derivatives
|
35,706 | - | - | 35,706 | ||||||||||||
- Foreign-currency contracts
|
- | 10,007 | - | 10,007 | ||||||||||||
- Interest-rate swaps
|
- | 4,259 | - | 4,259 | ||||||||||||
- Warrants of Supertel
|
- | - | 16,949 | 16,949 | ||||||||||||
Cash and cash equivalents
|
129,880 | - | - | 129,880 | ||||||||||||
Total assets
|
649,942 | 30,117 | 156,069 | 836,128 | ||||||||||||
Liabilities
|
||||||||||||||||
Derivative financial instruments:
|
||||||||||||||||
- Foreign-currency contracts
|
- | 11,461 | - | 11,461 | ||||||||||||
- Commodity derivatives
|
3 | - | - | 3 | ||||||||||||
Total liabilities
|
3 | 11,461 | - | 11,464 |
16.
|
Financial instruments by category (Continued)
|
Purchase option
for the shares of
Arcos
|
Warrants of Supertel
|
Shares
of Supertel
|
Total
|
|||||||||||||
Balance as of June 30, 2013
|
- | 16,949 | 139,120 | 156,069 | ||||||||||||
Acquisition
|
2,000 | - | - | 2,000 | ||||||||||||
Total losses for the period (i)
|
- | (6,899 | ) | (17,694 | ) | (24,593 | ) | |||||||||
Balance as of September 30, 2013
|
2,000 | 10,050 | 121,426 | 133,476 |
(i)
|
The gain / (loss) is not realized as of September 30, 2013 and is accounted for under “Other financial results” in the Statement of Income (Note 33)
|
16.
|
Financial instruments by category (Continued)
|
Description
|
Pricing model
|
Pricing method
|
Parameters
|
Foreign-currency contracts
|
Present value method
|
Theoretical price
|
Money market curve; Interest curve
Foreign exchange curve.
|
Swaps
|
Cash flows
|
Theoretical price
|
Interest rate futures and flows of funds
|
Shares of Supertel
|
Binomial tree
|
Theoretical price
|
Underlying asset (market price) and (historic) stock volatility and market interest rate (Libor curve)
|
Warrants of Supertel
|
Black-Scholes
|
Theoretical price
|
Price of underlying asset (market price) and (historic) stock volatility and market interest rate (Libor curve)
|
Call option of Arcos del Gourmet S.A.
|
Cost
|
-
|
-
|
17.
|
Restricted assets
|
September 30, 2013
|
June 30, 2013
|
|||||||
Non-current
|
||||||||
Escrow deposits
|
14,018 | 10,881 | ||||||
Mutual funds
|
43,925 | 43,750 | ||||||
Total Non-Current
|
57,943 | 54,631 | ||||||
Current
|
||||||||
Escrow deposits
|
1,179 | 1,022 | ||||||
Total Current
|
1,179 | 1,022 | ||||||
Total restricted assets
|
59,122 | 55,653 |
18.
|
Trade and other receivables
|
September 30, 2013
|
June 30, 2013
|
|||||||
Non-current
|
||||||||
Leases and services receivable
|
59,926 | 58,783 | ||||||
Consumer financing receivables
|
- | 214 | ||||||
Receivables from sale of agriculture products
|
1,636 | - | ||||||
Property sales receivable (i)
|
86,842 | 88,387 | ||||||
Less: Allowance for doubtful accounts
|
(2,208 | ) | (2,266 | ) | ||||
Non-current trade receivables
|
146,196 | 145,118 | ||||||
Trade receivables from disposal of joint ventures
|
2,317 | 2,147 | ||||||
Prepayments
|
4,624 | 5,210 | ||||||
VAT receivables
|
21,134 | 28,944 | ||||||
Other tax receivables
|
71,031 | 62,759 | ||||||
Loans
|
1,667 | - | ||||||
Others
|
6,753 | 4,499 | ||||||
Non-current other receivables
|
107,526 | 103,559 | ||||||
Related parties (Note 35)
|
49,401 | 42,753 | ||||||
Non-current trade and other receivables
|
303,123 | 291,430 | ||||||
Current
|
||||||||
Consumer financing receivables
|
15,681 | 15,735 | ||||||
Leases and services receivable
|
215,786 | 369,289 | ||||||
Receivables from sale of agriculture products and farmlands leases
|
217,172 | 407,127 | ||||||
Receivables from hotel operations
|
32,134 | 26,201 | ||||||
Deferred checks received
|
193,932 | 213,541 | ||||||
Debtors under legal proceedings
|
54,145 | 51,610 | ||||||
Property sales receivable (i)
|
85,072 | 91,142 | ||||||
Less: allowance for doubtful accounts
|
(88,143 | ) | (84,418 | ) | ||||
Trade receivables
|
725,779 | 1,090,227 | ||||||
Trade receivables from disposal of joint ventures
|
13,894 | 20,555 | ||||||
Prepayments
|
64,975 | 78,603 | ||||||
VAT receivables
|
44,120 | 39,342 | ||||||
Gross sales tax credit
|
3,211 | 2,420 | ||||||
Other tax receivables
|
42,474 | 37,353 | ||||||
Loans
|
10,410 | 8,982 | ||||||
Expenses and services to recover
|
4,306 | 3,757 | ||||||
Suppliers advances
|
152,234 | 54,961 | ||||||
Guarantee deposits
|
48,024 | 10 | ||||||
Dividends received
|
345 | 2,828 | ||||||
Others
|
29,821 | 29,906 | ||||||
Less: allowance for doubtful accounts
|
(218 | ) | (218 | ) | ||||
Current other receivables
|
413,596 | 278,499 | ||||||
Related parties (Note 35)
|
72,250 | 77,365 | ||||||
Current trade and other receivables
|
1,211,625 | 1,446,091 | ||||||
Total trade and other receivables
|
1,514,748 | 1,737,521 |
18.
|
Trade and other receivables (Continued)
|
September 30, 2013
|
June 30, 2013
|
|||||||
Beginning of the period / year
|
86,902 | 72,480 | ||||||
Charge for the year
|
10,134 | 32,229 | ||||||
Unused amounts reversed
|
(4,800 | ) | (16,142 | ) | ||||
Used during the period/year
|
(2,043 | ) | (1,610 | ) | ||||
Receivables written off
|
- | (235 | ) | |||||
Currency translation adjustments
|
376 | 180 | ||||||
End of the period / year
|
90,569 | 86,902 |
19.
|
Investment in financial assets
|
September 30, 2013
|
June 30, 2013
|
|||||||
Non-current
|
||||||||
Financial assets at fair value through profit or loss
|
||||||||
Investment in equity securities in TGLT
|
54,517 | 56,859 | ||||||
Investment in equity securities in Hersha
|
32,159 | 30,163 | ||||||
Mutual Funds (Note 35) (i)
|
446,753 | 17,249 | ||||||
Shares of Supertel
|
121,426 | 139,120 | ||||||
Other equity securities in public companies
|
90 | 93 | ||||||
Don Mario S.G.R.
|
10,060 | 10,060 | ||||||
Shares
|
210 | 198 | ||||||
Total Investment in Financial Assets Non-current
|
665,215 | 253,742 | ||||||
Current
|
||||||||
Financial assets at fair value trough profit or loss
|
||||||||
Mutual funds
|
234,523 | 194,416 | ||||||
Don Mario S.G.R.
|
2,153 | 1,631 | ||||||
Corporate Notes – Related Parties
|
- | 22,261 | ||||||
Non-convertible notes
|
25,680 | 5,136 | ||||||
Corporate bonds
|
25,051 | 4,477 | ||||||
Government bonds
|
292,357 | 157,632 | ||||||
Others
|
594 | 32 | ||||||
Total Investment in Financial Assets current
|
580,358 | 385,585 | ||||||
Total Investment in Financial Assets
|
1,245,573 | 639,327 |
20.
|
Derivative financial instruments
|
September 30, 2013
|
June 30, 2013
|
|||||||
Assets
|
||||||||
Non-current
|
||||||||
Swaps
|
3,223 | 4,259 | ||||||
Foreign-currency contracts
|
- | 4,169 | ||||||
Supertel warrants (i)
|
10,050 | 16,949 | ||||||
Call option of Arcos del Gourmet S.A. (Note 4)
|
2,000 | - | ||||||
Total non-current
|
15,273 | 25,377 | ||||||
Current
|
||||||||
Commodities
|
14,542 | 35,706 | ||||||
Foreign-currency contracts
|
4,129 | 5,838 | ||||||
Total current
|
18,671 | 41,544 | ||||||
Total assets
|
33,944 | 66,921 | ||||||
Liabilities
|
||||||||
Non-current
|
||||||||
Foreign-currency contracts
|
- | 2,773 | ||||||
Total non-current
|
- | 2,773 | ||||||
Current
|
||||||||
Commodities
|
5,748 | 3 | ||||||
Foreign-currency contracts
|
1,639 | 8,688 | ||||||
Swaps
|
818 | - | ||||||
Total current
|
8,205 | 8,691 | ||||||
Total liabilities
|
8,205 | 11,464 |
(i)
|
The balance represents the fair value of Supertel’s warrants, which were acquired in February 2012.
|
21.
|
Cash flow information
|
September 30, 2013
|
June 30, 2013
|
|||||||
Cash at bank and on hand
|
263,692 | 769,485 | ||||||
Short-term bank deposits
|
203,056 | 148,221 | ||||||
Mutual funds
|
168,011 | 129,880 | ||||||
Total cash and cash equivalents
|
634,759 | 1,047,586 |
Note
|
September 30, 2013
|
September 30, 2012
|
|||||||
(Loss) Gain for the period
|
(89,015 | ) | 8,001 | ||||||
Adjustments for:
|
|||||||||
Income tax expense
|
(45,382 | ) | 15,703 | ||||||
Depreciation and amortization
|
68,235 | 67,521 | |||||||
Gain from disposal of investment properties
|
- | (29,468 | ) | ||||||
Loss (Gain) on the revaluation of receivables arising from the sale of farmland
|
761 | (4,890 | ) | ||||||
Loss (Gain) from disposal of property, plant and equipment
|
8 | (239 | ) | ||||||
Release of investment property and property, plant and equipment
|
155 | 885 | |||||||
Dividends income
|
(3,061 | ) | (6,657 | ) | |||||
Share-based payments
|
8,498 | 2,764 | |||||||
Unrealized gain on derivative financial instruments
|
(4,988 | ) | (40,583 | ) | |||||
Changes in the fair value of financial assets
|
(61,963 | ) | 6,590 | ||||||
Interest expense, net
|
131,693 | 107,124 | |||||||
Unrealized initial recognition and changes in the fair value of biological assets and agricultural produce
|
(48,193 | ) | (41,658 | ) | |||||
Changes in the net realizable value of agricultural produce after harvest
|
8,012 | (23,240 | ) | ||||||
Provisions and allowances
|
25,211 | 28,245 | |||||||
Share of loss of associates and joint ventures
|
(38,366 | ) | (15,746 | ) | |||||
Unrealized foreign exchange loss, net
|
227,720 | 101,721 | |||||||
Result from purchase of joint venture
|
12 | - | |||||||
Result from repurchase of Non-convertible Notes
|
14,271 | (42 | ) | ||||||
Other finance results
|
- | (11,892 | ) | ||||||
Changes in operating assets and liabilities:
|
|||||||||
Decrease in biological assets
|
91,590 | 56,048 | |||||||
Decrease in inventories
|
5,638 | 54,071 | |||||||
Decrease in trading properties
|
533 | 56 | |||||||
Decrease (increase) in trade and other receivables
|
121,364 | (23,226 | ) | ||||||
Increase in derivative financial instruments
|
(1,098 | ) | (20,622 | ) | |||||
Increase in trade and other payables
|
25,837 | 211,038 | |||||||
Decrease in payroll and social security liabilities
|
(16,864 | ) | (23,684 | ) | |||||
Decrease in provisions
|
(19 | ) | (951 | ) | |||||
Net cash generated from operating activities before income tax paid
|
420,589 | 416,869 |
21.
|
Cash flow information (Continued)
|
September 30, 2013
|
September 30, 2012
|
|||||||
Transferences of property, plant and equipment to investment property
|
- | (6,502 | ) | |||||
Increase of interest in associates and joint ventures by exchange differences on translating foreign operations
|
- | 10,849 | ||||||
Decrease of interest in associates and joint ventures through an increase in trade and other receivables
|
(476 | ) | 33,813 | |||||
Acquisition of non-controlling interest
|
- | 333 | ||||||
Increase in trade and other receivables through an increase in trade and other payables
|
- | 803 | ||||||
Financed sales of property, plant and equipment
|
- | 125 |
22.
|
Trade and other payables
|
September 30, 2013
|
June 30, 2013
|
|||||||
Non-current
|
||||||||
Admission rights
|
115,408 | 112,654 | ||||||
Sales, rent and services payments received in advance
|
52,982 | 53,300 | ||||||
Guarantee deposits
|
17,966 | 17,352 | ||||||
Non-current trade payables
|
186,356 | 183,306 | ||||||
Minimum presumed income tax
|
7,450 | - | ||||||
Other tax payables
|
15,096 | 14,136 | ||||||
Deferred income
|
8,571 | 8,660 | ||||||
Shareholders´ personal tax payable
|
1,399 | 1,476 | ||||||
Tax amnesty plan for payable taxes
|
15,408 | 15,641 | ||||||
Others
|
5,428 | 5,028 | ||||||
Non-current other payables
|
53,352 | 44,941 | ||||||
Related parties (Note 35)
|
12,078 | 20 | ||||||
Non-current trade and other payables
|
251,786 | 228,267 | ||||||
Current
|
||||||||
Trade payables
|
277,536 | 212,797 | ||||||
Accrued invoices
|
136,337 | 141,657 | ||||||
Admission rights
|
102,864 | 98,656 | ||||||
Sales, rent and services payments received in advance
|
206,786 | 199,909 | ||||||
Guarantee deposits
|
9,459 | 13,477 | ||||||
Current trade payables
|
732,982 | 666,496 | ||||||
Withholdings tax
|
14,075 | 9,800 | ||||||
VAT payables
|
22,997 | 26,739 | ||||||
Gross sales tax payable
|
979 | 1,836 | ||||||
Minimum presumed income tax
|
6,833 | 12,158 | ||||||
Other tax payables
|
33,345 | 41,996 | ||||||
Deferred revenue
|
356 | 1,246 | ||||||
Dividends payable
|
5,710 | 11,445 | ||||||
Tax amnesty plan for payable taxes
|
309 | 310 | ||||||
Shareholders´ personal tax payable
|
5,936 | 3,220 | ||||||
Others
|
16,051 | 6,930 | ||||||
Current other payables
|
106,591 | 115,680 | ||||||
Related parties (Note 35)
|
29,230 | 129,524 | ||||||
Current trade and other payables
|
868,803 | 911,700 | ||||||
Total trade and other payables
|
1,120,589 | 1,139,967 |
22.
|
Trade and other payables (Continued)
|
23.
|
Payroll and social security liabilities
|
September 30, 2013
|
June 30, 2013
|
|||||||
Non-current
|
||||||||
Others
|
5,611 | 3,984 | ||||||
Non-current payroll and social security liabilities
|
5,611 | 3,984 | ||||||
Current
|
||||||||
Provision for vacation and bonuses
|
64,908 | 89,238 | ||||||
Social security payable
|
35,981 | 28,967 | ||||||
Salaries payable
|
1,610 | 1,776 | ||||||
Others
|
1,035 | 854 | ||||||
Current payroll and social security liabilities
|
103,534 | 120,835 | ||||||
Total payroll and social security liabilities
|
109,145 | 124,819 |
24.
|
Provisions
|
Labor and legal claims
|
Tax and social security claims
|
Investments in associates (i)
|
Total
|
|||||||||||||
As of June 30, 2013
|
47,054 | 1,691 | 39,091 | 87,836 | ||||||||||||
Additions
|
5,127 | 224 | 23,571 | 28,922 | ||||||||||||
Used during period
|
(1,514 | ) | (138 | ) | - | (1,652 | ) | |||||||||
Currency translation adjustments
|
(869 | ) | - | 3,816 | 2,947 | |||||||||||
As of September 30, 2013
|
49,798 | 1,777 | 66,478 | 118,053 |
(i)
|
Corresponds to equity interests in associates with negative equity.
|
24.
|
Provisions (Continued)
|
September 30, 2013
|
June 30, 2013
|
|||||||
Non-current
|
102,718 | 71,626 | ||||||
Current
|
15,335 | 16,210 | ||||||
118,053 | 87,836 |
25.
|
Borrowings
|
Book value
|
||||||||||||||||
Secured/ unsecured
|
Currency
|
Fixed/ Floating
|
Effective
interest rate %
|
Nominal value (in millions)
|
September 30,
2013
|
June 30,
2013
|
||||||||||
Non-current
|
||||||||||||||||
CRESUD NCN Class VIII due 2014
|
Unsecured
|
US$
|
Fixed
|
7.50%
|
60 | - | 322,925 | |||||||||
CRESUD NCN Class XI due 2015
|
Unsecured
|
Ps.
|
Floating
|
Badlar + 375 bps
|
80.5 | 39,495 | 39,415 | |||||||||
CRESUD NCN Class XII due 2014
|
Unsecured
|
Ps.
|
Floating
|
Badlar + 410 bps
|
102 | 33,959 | 67,819 | |||||||||
CRESUD NCN Class XIII due 2015
|
Unsecured
|
US$
|
Fixed
|
1.90%
|
79 | 458,544 | 425,658 | |||||||||
CRESUD NCN Class XIV due 2018
|
Unsecured
|
US$
|
Fixed
|
1.50%
|
32 | 184,134 | 171,084 | |||||||||
IRSA NCN Class I due 2017
|
Unsecured
|
US$
|
Fixed
|
8.50%
|
150 | 815,886 | 784,855 | |||||||||
IRSA NCN Class II due 2020
|
Unsecured
|
US$
|
Fixed
|
11.50%
|
150 | 842,002 | 781,338 | |||||||||
APSA NCN Class I due 2017
|
Unsecured
|
US$
|
Fixed
|
7.87%
|
120 | 613,550 | 568,362 | |||||||||
Syndicated loan (I)
|
Unsecured
|
Ps.
|
Fixed
|
15.01%
|
229 | 150,603 | 175,604 | |||||||||
Banco M&T loan
|
Secured
|
US$
|
Floating
|
Libor + 3.25%
|
75 | 429,975 | 399,691 | |||||||||
Long term loans
|
Unsecured
|
US$
|
Floating
|
Libor + 300 bps o 6% (the higher)
|
15 | 83,648 | 77,780 | |||||||||
Long term loans
|
Unsecured
|
Ps.
|
Floating
|
Rate Survey PF 30-59 days
|
20 | 20,000 | 19,784 | |||||||||
Long term loans
|
Unsecured
|
Ps.
|
Fixed
|
15.01%
|
24 | 13,572 | 13,543 | |||||||||
Long term loans
|
Secured
|
Rs.
|
Floating
|
TJLP + 1.95 to 3.10 and 5.5 to 10
|
20.5 | 13,633 | 17,162 | |||||||||
Long term loans
|
Secured
|
Rs.
|
Fixed
|
7.23%
|
98.7 | 119,642 | 121,289 | |||||||||
Other long term loans
|
Ps.
|
Fixed
|
- | 15,990 | 19,163 | |||||||||||
Other long term loans
|
Bol.
|
Floating
|
6,813 | 6,136 | ||||||||||||
Seller financing
|
Secured
|
US$
|
Fixed
|
3.50 % and 5%
|
17.9 | 85,150 | 78,371 | |||||||||
Finance leases
|
Secured
|
US$
|
Fixed
|
7.50%
|
792 | 1,554 | 1,590 | |||||||||
Related parties
|
104,356 | 98,327 | ||||||||||||||
Non-current borrowings
|
4,032,506 | 4,189,896 |
25.
|
Borrowings (Continued)
|
Book value
|
||||||||||||||||
Secured/ unsecured
|
Currency
|
Fixed/ Floating
|
Effective
interest rate %
|
Nominal value (in millions)
|
September 30,
2013
|
June 30,
2013
|
||||||||||
Current
|
||||||||||||||||
CRESUD NCN Class VIII due 2014
|
Unsecured
|
US$
|
Fixed
|
7.5%
|
60 | 347,765 | 6,074 | |||||||||
CRESUD NCN Class IX due 2014
|
Unsecured
|
Ps.
|
Floating
|
Badlar + 300 bps
|
161 | 50,714 | 101,316 | |||||||||
CRESUD NCN Class X due 2014
|
Unsecured
|
US$
|
Fixed
|
7.75%
|
31.5 | 178,548 | 165,810 | |||||||||
CRESUD NCN Class X – 2nd tranche due 2014
|
Unsecured
|
US$
|
Fixed
|
7.75%
|
30 | 175,185 | 163,477 | |||||||||
CRESUD NCN Class XI due 2015
|
Unsecured
|
Ps.
|
Floating
|
Badlar + 375 bps
|
80.5 | 19,641 | 19,652 | |||||||||
CRESUD NCN Class XII due 2014
|
Unsecured
|
Ps.
|
Floating
|
Badlar + 410 bps
|
102 | 69,379 | 35,083 | |||||||||
CRESUD NCN Class XIII due 2015
|
Unsecured
|
US$
|
Fixed
|
1.90%
|
79 | (1,907 | ) | (1,954 | ) | |||||||
CRESUD NCN Class XIV due 2018
|
Unsecured
|
US$
|
Fixed
|
1.50%
|
32 | (55 | ) | (74 | ) | |||||||
IRSA NCN Class I due 2017
|
Unsecured
|
US$
|
Fixed
|
8.50
|
150 | 10,344 | 26,675 | |||||||||
IRSA NCN Class II due 2020
|
Unsecured
|
US$
|
Fixed
|
11.50
|
150 | 18,726 | 40,604 | |||||||||
IRSA NCN Class III due 2013
|
Unsecured
|
Ps.
|
Floating
|
Badlar + 249 bps
|
153 | - | 52,240 | |||||||||
IRSA NCN Class IV due 2014
|
Unsecured
|
US$
|
Fixed
|
7.45%
|
16.9 | 98,838 | 137,750 | |||||||||
APSA NCN due 2014 (Note 35)
|
Unsecured
|
US$
|
Fixed
|
10.00%
|
50 | - | - | |||||||||
APSA NCN Class I due 2017
|
Unsecured
|
US$
|
Fixed
|
7.88%
|
120 | 19,012 | 5,499 | |||||||||
APSA NCN Class II due 2012
|
Unsecured
|
Ps.
|
Fixed
|
11%
|
- | - | ||||||||||
Bank overdrafts
|
Unsecured
|
Ps.
|
Fixed
|
-
|
520,378 | 444,527 | ||||||||||
Short term loans
|
Unsecured
|
US$
|
Floating
|
Libor + 300 bps o 6% (the higher)
|
15 | 5,449 | 6,266 | |||||||||
Short term loans
|
Unsecured
|
Ps.
|
Floating
|
Rate Survey PF 30-59 days
|
20 | 164 | 893 | |||||||||
Short term loans
|
Unsecured
|
Rs.
|
Floating
|
TJLP + 1.95 to 3.10'
|
84.1 | 84,145 | - | |||||||||
Short term loans
|
Unsecured
|
Rs.
|
Fixed
|
7.23%
|
19.1 | - | 19,081 | |||||||||
Short term loans
|
Unsecured
|
Ps.
|
Fixed
|
15.01%
|
24 | 7,684 | 6,895 | |||||||||
Short term loans
|
Secured
|
Rs.
|
Fixed
|
7.23%
|
11.9 | 20,503 | - | |||||||||
Short term loans
|
Secured
|
Rs.
|
Floating
|
9.54 TJLP + 1.95 to 3.10
|
- | - | 84,933 | |||||||||
Short term loans
|
Secured
|
Rs.
|
Floating
|
5.5 to 10 TJLP + 1.95 to 3.10
|
5.5 | 5,527 | 5,263 | |||||||||
Other short term loans
|
Ps.
|
Fixed
|
(3 | ) | 9,625 | |||||||||||
Syndicated loans (i)
|
Unsecured
|
Ps.
|
Fixed
|
15.01%
|
229 | 76,596 | 51,005 | |||||||||
Other short term loans
|
Bol.
|
Floating
|
23,932 | 9,968 | ||||||||||||
Seller financing
|
Secured
|
US$
|
Fixed
|
3.5%
|
1.8 | 25,925 | 12,809 | |||||||||
Seller financing
|
Unsecured
|
Rs.
|
Floating
|
IGPM/CDI
|
102 | 123,490 | 106,165 | |||||||||
Other seller - financed debt
|
9.9 | - | 16,348 | |||||||||||||
Finance lease obligations
|
Secured
|
US$
|
Fixed
|
10.75% y7.5%
|
792 | 1,657 | 1,460 | |||||||||
Current borrowings
|
1,881,637 | 1,527,390 | ||||||||||||||
Total borrowings
|
5,914,143 | 5,717,286 |
26.
|
Taxation
|
September 30, 2013
|
September 30, 2012
|
|||||||
Current income tax
|
(73,623 | ) | (71,210 | ) | ||||
Deferred income tax
|
119,209 | 55,617 | ||||||
Minimum Presumed Income Tax
|
(204 | ) | (110 | ) | ||||
Income tax expense
|
45,382 | (15,703 | ) |
September 30, 2013
|
June 30, 2013
|
|||||||
Beginning of the period / year
|
(351,035 | ) | (549,337 | ) | ||||
Currency translation adjustments
|
3,146 | 5,965 | ||||||
Additions for business combinations
|
- | (26,103 | ) | |||||
Charged / Credited to the statement of income
|
119,209 | 218,440 | ||||||
End of the period / year
|
(228,680 | ) | (351,035 | ) |
26.
|
Taxation (Continued)
|
September 30, 2013
|
September 30, 2012
|
|||||||
Tax calculated at the tax rates applicable to profits in the respective countries
|
(43,583 | ) | 9,598 | |||||
Permanent differences:
|
||||||||
Share of loss of associates and joint ventures
|
(13,428 | ) | (5,511 | ) | ||||
Non-taxable income
|
8,968 | (4,638 | ) | |||||
Others
|
2,661 | 16,254 | ||||||
Income tax expense
|
(45,382 | ) | 15,703 |
27.
|
Shareholders' Equity
|
28.
|
Revenues
|
September 30, 2013
|
September 30, 2012
|
|||||||||||||||||||||||||||||||
Urban properties and investments
|
Agriculture
|
Feed lot / slaughtering house
|
Total
|
Urban properties and investments
|
Agriculture
|
Feed lot / slaughtering house
|
Total
|
|||||||||||||||||||||||||
Trading properties
|
4,286 | - | - | 4,286 | 7,625 | - | - | 7,625 | ||||||||||||||||||||||||
Crops
|
- | 270,022 | - | 270,022 | - | 155,110 | - | 155,110 | ||||||||||||||||||||||||
Cattle
|
- | 23,906 | - | 23,906 | - | 17,393 | 17,393 | |||||||||||||||||||||||||
Milk
|
- | 11,763 | - | 11,763 | - | 8,446 | - | 8,446 | ||||||||||||||||||||||||
Sugarcane
|
- | 66,735 | - | 66,735 | - | 42,181 | - | 42,181 | ||||||||||||||||||||||||
Beef
|
- | - | 105,089 | 105,089 | - | - | 18,338 | 18,338 | ||||||||||||||||||||||||
Supplies
|
- | 12,626 | - | 12,626 | - | 10,359 | - | 10,359 | ||||||||||||||||||||||||
Agriculture products and services income
|
4,286 | 385,052 | 105,089 | 494,427 | 7,625 | 233,489 | 18,338 | 259,452 | ||||||||||||||||||||||||
Base rent
|
239,807 | 2,102 | - | 241,909 | 180,791 | 6,561 | - | 187,352 | ||||||||||||||||||||||||
Contingent rent
|
71,744 | - | - | 71,744 | 55,668 | - | - | 55,668 | ||||||||||||||||||||||||
Admission rights
|
28,508 | - | - | 28,508 | 24,232 | - | - | 24,232 | ||||||||||||||||||||||||
Parking fees
|
19,653 | - | - | 19,653 | 15,090 | - | - | 15,090 | ||||||||||||||||||||||||
Commissions
|
8,330 | - | - | 8,330 | 4,195 | - | - | 4,195 | ||||||||||||||||||||||||
Property management fee
|
6,365 | - | - | 6,365 | 8,255 | - | - | 8,255 | ||||||||||||||||||||||||
Expenses and Collective Promotion Funds
|
160,908 | - | - | 160,908 | 126,978 | - | - | 126,978 | ||||||||||||||||||||||||
Flattening of tiered lease payments
|
7,541 | - | - | 7,541 | 4,671 | - | - | 4,671 | ||||||||||||||||||||||||
Agricultural services
|
- | 22 | - | 22 | - | 23 | 521 | 544 | ||||||||||||||||||||||||
Advertising and brokerage fees
|
- | 12,009 | - | 12,009 | - | 7,616 | - | 7,616 | ||||||||||||||||||||||||
Others
|
- | 401 | - | 401 | 848 | 573 | - | 1,421 | ||||||||||||||||||||||||
Leases and service income
|
542,856 | 14,534 | - | 557,390 | 420,728 | 14,773 | 521 | 436,022 | ||||||||||||||||||||||||
Other revenues:
|
||||||||||||||||||||||||||||||||
Consumer financing
|
184 | - | - | 184 | - | - | - | - | ||||||||||||||||||||||||
Hotel operations
|
72,927 | - | - | 72,927 | 53,793 | - | - | 53,793 | ||||||||||||||||||||||||
Others
|
1,194 | - | - | 1,194 | 695 | - | 6 | 701 | ||||||||||||||||||||||||
Other revenues
|
74,305 | - | - | 74,305 | 54,488 | - | 6 | 54,494 | ||||||||||||||||||||||||
Total Group revenue
|
621,447 | 399,586 | 105,089 | 1,126,122 | 482,841 | 248,262 | 18,865 | 749,968 |
29.
|
Costs
|
September 30, 2013
|
September 30, 2012
|
|||||||||||||||||||||||||||||||
Urban properties and investments
|
Agricultural
|
Feed lot/ slaughtering house
|
Total
|
Urban properties and investments
|
Agriculture
|
Feed lot / slaughtering house
|
Total
|
|||||||||||||||||||||||||
Cost of leases and services
|
- | 1,934 | - | 1,934 | - | 1,821 | - | 1,821 | ||||||||||||||||||||||||
Other operative costs
|
- | 1,763 | - | 1,763 | - | 1,646 | - | 1,646 | ||||||||||||||||||||||||
Cost of property operations
|
- | 3,697 | - | 3,697 | - | 3,467 | - | 3,467 | ||||||||||||||||||||||||
Crops
|
- | 293,390 | - | 293,390 | - | 228,650 | - | 228,650 | ||||||||||||||||||||||||
Cattle
|
- | 51,683 | - | 51,683 | - | 30,341 | - | 30,341 | ||||||||||||||||||||||||
Milk
|
- | 22,895 | - | 22,895 | - | 17,019 | - | 17,019 | ||||||||||||||||||||||||
Sugarcane
|
- | 107,124 | - | 107,124 | - | 81,965 | - | 81,965 | ||||||||||||||||||||||||
Beef
|
- | - | 85,893 | 85,893 | - | - | 20,014 | 20,014 | ||||||||||||||||||||||||
Supplies
|
- | 10,118 | - | 10,118 | - | 9,306 | - | 9,306 | ||||||||||||||||||||||||
Agriculture services
|
- | 639 | 4,079 | 4,718 | - | - | 1,404 | 1,404 | ||||||||||||||||||||||||
Brokerage fees
|
- | 7,281 | - | 7,281 | - | 4,759 | - | 4,759 | ||||||||||||||||||||||||
Others
|
- | 2,953 | - | 2,953 | - | 1,528 | - | 1,528 | ||||||||||||||||||||||||
Cost of agricultural sales and services
|
- | 496,083 | 89,972 | 586,055 | - | 373,568 | 21,418 | 394,986 | ||||||||||||||||||||||||
Cost of sale of trading properties
|
3,189 | - | - | 3,189 | 3,288 | - | - | 3,288 | ||||||||||||||||||||||||
Cost from hotel operations
|
49,548 | - | - | 49,548 | 40,529 | - | - | 40,529 | ||||||||||||||||||||||||
Cost of leases and services
|
243,283 | - | - | 243,283 | 198,194 | - | - | 198,194 | ||||||||||||||||||||||||
Other costs
|
96 | - | - | 96 | 258 | - | - | 258 | ||||||||||||||||||||||||
Other costs
|
296,116 | - | - | 296,116 | 242,269 | - | - | 242,269 | ||||||||||||||||||||||||
Total Group costs
|
296,116 | 499,780 | 89,972 | 885,868 | 242,269 | 377,035 | 21,418 | 640,722 |
30.
|
Expenses by nature
|
Group costs
|
||||||||||||||||||||||||||||||||||||||||
Cost of property operations
|
Cost of
agricultural sales and services
|
Cost of agriculture production
|
Cost of sale of trading properties
|
Cost from Consumer Financing
|
Cost from hotel operations
|
Other operative costs
|
General and administrative expenses
|
Selling expenses
|
Total
|
|||||||||||||||||||||||||||||||
Leases, services charges and vacant property costs
|
3,789 | 314 | 300 | 363 | - | 206 | 38 | 2,842 | 284 | 8,136 | ||||||||||||||||||||||||||||||
Depreciation and amortization
|
53,316 | 6,774 | 1,535 | 143 | - | 2,729 | 1,093 | 2,576 | 69 | 68,235 | ||||||||||||||||||||||||||||||
Allowance for doubtful accounts
|
- | - | - | - | - | - | - | 29 | 5,394 | 5,423 | ||||||||||||||||||||||||||||||
Advertising, publicity and other selling expenses
|
26,152 | - | - | - | - | - | - | - | 4,961 | 31,113 | ||||||||||||||||||||||||||||||
Taxes, rates and contributions
|
18,520 | 378 | 1,210 | 805 | - | 106 | 59 | 1,867 | 30,375 | 53,320 | ||||||||||||||||||||||||||||||
Maintenance and repairs
|
58,199 | 4,145 | 3,840 | 847 | - | 6,221 | 188 | 5,770 | 199 | 79,409 | ||||||||||||||||||||||||||||||
Fees and payments for services
|
7,059 | 28,212 | 1,067 | 13 | 93 | 209 | 58 | 11,531 | 1,648 | 49,890 | ||||||||||||||||||||||||||||||
Director´s fees
|
- | - | - | - | - | - | - | 34,197 | - | 34,197 | ||||||||||||||||||||||||||||||
Payroll and social security expenses
|
71,686 | 18,180 | 9,808 | 38 | - | 28,168 | 1,242 | 46,067 | 7,539 | 182,728 | ||||||||||||||||||||||||||||||
Cost of sale of properties
|
- | - | - | 974 | - | 2,713 | - | - | - | 3,687 | ||||||||||||||||||||||||||||||
Food, beverage and lodging expenses
|
- | - | - | - | - | 8,176 | - | 1,422 | 772 | 10,370 | ||||||||||||||||||||||||||||||
Changes in biological assets and agricultural produce
|
- | 355,551 | - | - | - | - | - | - | - | 355,551 | ||||||||||||||||||||||||||||||
Supplies and labor
|
- | 13,807 | 135,484 | - | - | - | 114 | - | 154 | 149,559 | ||||||||||||||||||||||||||||||
Freights
|
13 | 302 | 2,550 | - | - | - | 13 | 13 | 21,762 | 24,653 | ||||||||||||||||||||||||||||||
Bank commissions and expenses
|
- | 888 | 5 | 1 | - | 925 | - | 1,660 | 1,201 | 4,680 | ||||||||||||||||||||||||||||||
Conditioning and clearance
|
- | - | - | - | - | - | - | - | 5,524 | 5,524 | ||||||||||||||||||||||||||||||
Others
|
4,549 | 1,410 | 1,074 | 5 | 3 | 95 | 113 | 3,268 | 1,003 | 11,520 | ||||||||||||||||||||||||||||||
Total expenses by nature
|
243,283 | 429,961 | 156,873 | 3,189 | 96 | 49,548 | 2,918 | 111,242 | 80,885 | 1,077,995 |
30.
|
Expenses by nature (Continued)
|
Group costs
|
||||||||||||||||||||||||||||||||||||||||
Cost of property operations
|
Cost of
agricultural sales and services
|
Cost of agriculture production
|
Cost of sale of trading properties
|
Cost from Consumer Financing
|
Cost from hotel operations
|
Other operative costs
|
General and administrative expenses
|
Selling expenses
|
Total
|
|||||||||||||||||||||||||||||||
Leases, services charges and vacant property costs
|
7,114 | 277 | 226 | 498 | - | 136 | 33 | 580 | 314 | 9,178 | ||||||||||||||||||||||||||||||
Depreciation and amortization
|
45,248 | 11,990 | 1,301 | - | - | 3,304 | 884 | 4,508 | 286 | 67,521 | ||||||||||||||||||||||||||||||
Allowance for doubtful accounts
|
- | - | - | - | - | - | - | - | 3,902 | 3,902 | ||||||||||||||||||||||||||||||
Advertising, publicity and other selling expenses
|
18,907 | - | - | - | - | 163 | 2 | 1 | 2,741 | 21,814 | ||||||||||||||||||||||||||||||
Taxes, rates and contributions
|
13,632 | 357 | 683 | 300 | - | 73 | 69 | 2,371 | 16,270 | 33,755 | ||||||||||||||||||||||||||||||
Maintenance and repairs
|
50,431 | 1,030 | 2,826 | 510 | 22 | 6,056 | 602 | 5,178 | 242 | 66,897 | ||||||||||||||||||||||||||||||
Fees and payments for services
|
6,849 | 20,959 | 1,066 | 19 | 234 | 178 | 33 | 10,856 | 1,730 | 41,924 | ||||||||||||||||||||||||||||||
Director´s fees
|
- | - | - | - | - | - | - | 17,661 | - | 17,661 | ||||||||||||||||||||||||||||||
Payroll and social security expenses
|
53,737 | 13,026 | 8,131 | 62 | 2 | 22,048 | 1,222 | 31,382 | 4,960 | 134,570 | ||||||||||||||||||||||||||||||
Cost of sale of properties
|
- | - | - | 1,890 | - | - | - | - | - | 1,890 | ||||||||||||||||||||||||||||||
Food, beverage and lodging expenses
|
- | - | - | - | - | 7,365 | - | 589 | 155 | 8,109 | ||||||||||||||||||||||||||||||
Changes in biological assets and agricultural produce
|
- | 119,160 | 4,396 | - | - | - | - | - | - | 123,556 | ||||||||||||||||||||||||||||||
Supplies and labor
|
- | 140,168 | 60,323 | - | - | - | 389 | - | 2,027 | 202,907 | ||||||||||||||||||||||||||||||
Freights
|
22 | 63 | 1,317 | - | - | 29 | 15 | 60 | 19,822 | 21,328 | ||||||||||||||||||||||||||||||
Bank commissions and expenses
|
- | 427 | 37 | - | - | 830 | - | 30 | 2,455 | 3,779 | ||||||||||||||||||||||||||||||
Conditioning and clearance
|
- | - | - | - | - | - | - | - | 4,050 | 4,050 | ||||||||||||||||||||||||||||||
Others
|
2,254 | 5,142 | 2,081 | 9 | - | 347 | 218 | 3,659 | 1,473 | 15,183 | ||||||||||||||||||||||||||||||
Total expenses by nature
|
198,194 | 312,599 | 82,387 | 3,288 | 258 | 40,529 | 3,467 | 76,875 | 60,427 | 778,024 |
31.
|
Employee costs
|
September 30, 2013
|
September 30, 2012
|
|||||||
Salaries, bonuses and social security costs
|
173,348 | 131,418 | ||||||
Share-based payments
|
8,498 | 2,764 | ||||||
Pension costs – defined contribution plan
|
882 | 388 | ||||||
182,728 | 134,570 |
32.
|
Other operating results
|
September 30, 2013
|
September 30, 2012
|
|||||||
Gain (loss) from commodity derivative financial instruments
|
8,970 | (24,615 | ) | |||||
Gain from disposal of other property items
|
(8 | ) | 239 | |||||
Tax on personal assets
|
(4,350 | ) | (4,248 | ) | ||||
Management fee
|
(338 | ) | 249 | |||||
Contingencies
|
(4,792 | ) | (4,154 | ) | ||||
Donations
|
(2,871 | ) | (1,186 | ) | ||||
Project Analysis and Assessment
|
(1,176 | ) | (1,615 | ) | ||||
Unrecoverable VAT
|
(493 | ) | (109 | ) | ||||
Others
|
340 | (1,385 | ) | |||||
Total other operating results, net
|
(4,718 | ) | (36,824 | ) |
33.
|
Financial results, net
|
September 30, 2013
|
September 30, 2012
|
|||||||
Finance income:
|
||||||||
- Interest income
|
16,788 | 7,341 | ||||||
- Foreign exchange gains
|
53,582 | 37,398 | ||||||
- Dividends income
|
3,061 | 6,657 | ||||||
- Gain from repurchase of Non-convertible Notes
|
- | 42 | ||||||
- Others
|
61 | (414 | ) | |||||
Finance income
|
73,492 | 51,024 | ||||||
Finance costs:
|
||||||||
- Interest expense
|
(148,481 | ) | (114,465 | ) | ||||
- Foreign exchange losses
|
(289,528 | ) | (113,591 | ) | ||||
- Loss from repurchase of Non-convertible Notes
|
(14,271 | ) | - | |||||
- Other financial costs
|
(27,890 | ) | (14,930 | ) | ||||
Finance cost
|
(480,170 | ) | (242,986 | ) | ||||
Less Finance costs capitalized
|
6,390 | 775 | ||||||
Total financial costs
|
(473,780 | ) | (242,211 | ) | ||||
Other finance results:
|
||||||||
- Fair value gains of financial assets at fair value through profit or loss
|
69,719 | 17,162 | ||||||
- (Loss) gain from derivative financial instruments (except commodities)
|
(3,082 | ) | 603 | |||||
- (Loss) gain on the revaluation of receivables arising from the sale of farmland
|
(761 | ) | 4,890 | |||||
Total other financial income
|
65,876 | 22,655 | ||||||
Total financial results, net
|
(334,412 | ) | (168,532 | ) |
34.
|
Share-based payments
|
September 30, 2013
|
June 30, 2013
|
|||||||
At the beginning
|
3,232,474 | 1,671,666 | ||||||
Granted
|
2,299,448 | 1,566,060 | ||||||
Canceled
|
(58,380 | ) | (5,252 | ) | ||||
At the end
|
5,473,542 | 3,232,474 |
34.
|
Share-based payments (Continued)
|
September 30, 2013
|
||||||||||||||||||||||||
First tranche
|
Second tranche
|
Third tranche
|
||||||||||||||||||||||
Exercise price
|
Options
|
Exercise price
|
Options
|
Exercise price
|
Options
|
|||||||||||||||||||
At the beginning
|
R$ | 8.97 | 370,007 | R$ | 8.25 | 315,479 | R$ | 8.52 | 315,479 | |||||||||||||||
Granted
|
- | - | - | - | - | - | ||||||||||||||||||
Forfeited
|
- | - | - | - | - | - | ||||||||||||||||||
Exercised
|
- | - | - | - | - | - | ||||||||||||||||||
Expired
|
- | - | - | - | - | - | ||||||||||||||||||
At the end
|
R$ | 8.97 | 370,007 | $ | 8.25 | 315,479 | R$ | 8.52 | 315,479 |
June 30, 2013
|
||||||||||||||||||||||||
First tranche
|
Second tranche
|
Third tranche
|
||||||||||||||||||||||
Exercise price
|
Options
|
Exercise price
|
Options
|
Exercise price
|
Options
|
|||||||||||||||||||
At the beginning
|
R$ | 8.97 | 370,007 | R$ | 8.25 | 315,479 | R$ | 8.52 | 315,479 | |||||||||||||||
Granted
|
- | - | - | - | - | - | ||||||||||||||||||
Forfeited
|
- | - | - | - | - | - | ||||||||||||||||||
Exercised
|
- | - | - | - | - | - | ||||||||||||||||||
Expired
|
- | - | - | - | - | - | ||||||||||||||||||
At the end
|
R$ | 8.97 | 370,007 | R$ | 8.25 | 315,479 | R$ | 8.52 | 315,479 |
35.
|
Related party transactions
|
Related party
|
Description of transaction
|
Investments in Financial Assets
Non-current
|
Investments in Financial Assets
Current
|
Trade and other receivables Non-current
|
Trade and other receivables Current
|
Trade and other payables Non-current
|
Trade and other payables Current
|
Borrowings Non-current
|
Borrowings Current
|
Derivative financial instruments
|
|||||||||||||||||||||||||||
Associates
|
|||||||||||||||||||||||||||||||||||||
Tarshop S.A.
|
Reimbursement of expenses
|
- | - | - | 1,695 | - | (1 | ) | - | - | - | ||||||||||||||||||||||||||
Leases and/or rights to use
|
- | - | - | - | (237 | ) | (153 | ) | - | - | - | ||||||||||||||||||||||||||
New Lipstick LLC
|
Reimbursement of expenses
|
- | - | - | 1,636 | - | - | - | - | - | |||||||||||||||||||||||||||
IRSA Developments LP
|
Capital contributions
|
- | - | - | - | - | (6 | ) | - | - | - | ||||||||||||||||||||||||||
Reimbursement of expenses
|
- | - | - | 2 | - | - | - | - | - | ||||||||||||||||||||||||||||
Lipstick Management LLC
|
Reimbursement of expenses
|
- | - | - | 545 | - | - | - | - | - | |||||||||||||||||||||||||||
Agro-Uranga S.A
|
Dividends receivable
|
- | - | - | 1,413 | - | - | - | - | - | |||||||||||||||||||||||||||
Purchase – Sale of goods and/or services
|
- | - | - | - | - | (286 | ) | - | - | - | |||||||||||||||||||||||||||
Agro Managers S.A.
|
Reimbursement of expenses
|
- | - | - | 153 | - | - | - | - | - | |||||||||||||||||||||||||||
Banco Hipotecario S.A.
|
Reimbursement of expenses
|
- | - | - | - | - | (241 | ) | - | - | - | ||||||||||||||||||||||||||
Borrowings
|
- | - | - | - | - | - | (30,557 | ) | (14,746 | ) | - | ||||||||||||||||||||||||||
Mortgage bonds
|
- | 594 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Foreign-currency contract
|
- | - | - | - | - | - | - | - | (600 | ) | |||||||||||||||||||||||||||
Leases and/or rights to use
|
- | - | - | 1,855 | - | - | - | - | - | ||||||||||||||||||||||||||||
Manibil S.A.
|
Other liabilities
|
- | - | - | - | - | (781 | ) | - | - | |||||||||||||||||||||||||||
Total Associates
|
- | 594 | - | 7,299 | (237 | ) | (1,468 | ) | (30,557 | ) | (14,746 | ) | (600 | ) |
35.
|
Related party transactions (Continued)
|
Related party
|
Description of transaction
|
Investments in Financial Assets
Non-current
|
Investments in Financial Assets
Current
|
Trade and other receivables Non-current
|
Trade and other receivables Current
|
Trade and other payables Non-current
|
Trade and other payables Current
|
Borrowings Non-current
|
Borrowings Current
|
Derivative financial instruments
|
|||||||||||||||||||||||||||
Joint Ventures
|
|||||||||||||||||||||||||||||||||||||
Cresca S.A.
|
Management fee
|
- | - | - | 1,835 | - | - | - | - | - | |||||||||||||||||||||||||||
Reimbursement of expenses
|
- | - | - | 76 | - | (168 | - | - | - | ||||||||||||||||||||||||||||
Financial operations
|
- | - | 48,368 | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Puerto Retiro S.A.
|
Constributions to be paid in
|
- | - | - | 101 | - | - | - | - | - | |||||||||||||||||||||||||||
Reimbursement of expenses
|
- | - | - | 188 | - | - | - | - | - | ||||||||||||||||||||||||||||
Financial operations
|
- | - | - | 4,147 | - | - | - | - | - | ||||||||||||||||||||||||||||
Nuevo Puerto Santa Fe S.A.
|
Reimbursement of expenses
|
- | - | - | 204 | - | (51 | - | - | - | |||||||||||||||||||||||||||
Leases and/or rights to use
|
- | - | - | - | - | (214 | - | - | - | ||||||||||||||||||||||||||||
Management fee
|
- | - | - | 690 | - | - | - | - | - | ||||||||||||||||||||||||||||
Baicom Networks S.A.
|
Management fee
|
- | - | - | 5 | - | - | - | - | - | |||||||||||||||||||||||||||
Constributions to be paid in
|
- | - | - | 60 | - | - | - | - | - | ||||||||||||||||||||||||||||
Financial operations
|
- | - | 1,033 | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Reimbursement of expenses
|
- | - | - | 17 | - | (2 | - | - | - | ||||||||||||||||||||||||||||
Quality Invest S.A.
|
Management fee
|
- | - | - | 23 | - | (45 | - | - | - | |||||||||||||||||||||||||||
Reimbursement of expenses
|
- | - | - | 81 | - | - | - | - | - | ||||||||||||||||||||||||||||
Cyrsa S.A.
|
Financial operations
|
- | - | - | - | - | - | (104,356 | ) | - | - | ||||||||||||||||||||||||||
Reimbursement of expenses
|
- | - | - | 113 | - | (185 | - | - | - | ||||||||||||||||||||||||||||
Boulevard Norte S.A.
|
Reimbursement of expenses
|
- | - | - | 42 | - | - | - | - | - | |||||||||||||||||||||||||||
Total Joint Ventures
|
- | - | 49,401 | 7,582 | - | (665 | (104,356 | ) | - | - |
35.
|
Related party transactions (Continued)
|
Related party
|
Description of transaction
|
Investments in Financial Assets
Non-current
|
Investments in Financial Assets
Current
|
Trade and other receivables Non-current
|
Trade and other receivables Current
|
Trade and other payables Non-current
|
Trade and other payables Current
|
Borrowings Non-current
|
Borrowings Current
|
Derivative financial instruments
|
|||||||||||||||||||||||||||
Other Related Parties
|
|||||||||||||||||||||||||||||||||||||
Consultores Asset Management S.A. (CAMSA)
|
Advances to be recovered
|
- | - | - | 9,342 | - | - | - | - | - | |||||||||||||||||||||||||||
Reimbursement of expenses
|
- | - | - | 2,549 | - | (44 | ) | - | - | - | |||||||||||||||||||||||||||
Estudio Zang, Bergel & Viñes
|
Sale of goods and/or services
|
- | - | - | 53 | - | - | - | - | - | |||||||||||||||||||||||||||
Legal services
|
- | - | - | 10 | - | (856 | ) | - | - | - | |||||||||||||||||||||||||||
Fundación IRSA
|
Reimbursement of expenses
|
- | - | - | 52 | - | (1 | ) | - | - | - | ||||||||||||||||||||||||||
Inversiones Financieras del Sur S.A.
|
Financial operations
|
- | - | - | 37,942 | - | (4 | ) | - | - | - | ||||||||||||||||||||||||||
Reimbursement of expenses
|
- | - | - | 7 | - | - | - | - | - | ||||||||||||||||||||||||||||
Museo de los niños
|
Reimbursement of expenses
|
- | - | - | 113 | - | (5 | ) | - | - | - | ||||||||||||||||||||||||||
Leases and/or rights to use
|
- | - | - | 885 | - | (3 | ) | - | - | - | |||||||||||||||||||||||||||
Elsztain Managing Partners
|
Management fee
|
- | - | - | - | - | (22 | ) | - | - | - | ||||||||||||||||||||||||||
Dolphin Fund PLC
|
Capital contributions
|
446,753 | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Reimbursement of expenses
|
- | - | - | 133 | - | - | - | - | - | ||||||||||||||||||||||||||||
Total Other related parties
|
446,753 | - | - | 51,086 | - | (935 | ) | - | - | - | |||||||||||||||||||||||||||
Directors and Senior Management
|
|||||||||||||||||||||||||||||||||||||
Directors and Senior Management
|
Management fee
|
- | - | - | 5,955 | (11,342 | ) | (11,486 | ) | - | - | - | |||||||||||||||||||||||||
Director's fees provision
|
- | - | - | - | (479 | ) | (14,571 | ) | - | - | - | ||||||||||||||||||||||||||
Guarantee deposits
|
- | - | - | - | (20 | ) | - | - | - | - | |||||||||||||||||||||||||||
Reimbursement of expenses
|
- | - | - | 328 | - | (105 | ) | - | - | - | |||||||||||||||||||||||||||
Total Directors and Senior Management
|
- | - | - | 6,283 | (11,841 | ) | (26,162 | ) | - | - | - | ||||||||||||||||||||||||||
Total
|
446,753 | 594 | 49,401 | 72,25 | (12,078 | ) | (29,23 | ) | (134,913 | ) | (14,746 | ) | (600 | ) |
35.
|
Related party transactions (Continued)
|
Related party
|
Description of transaction
|
Investments in Financial Assets
Current
|
Trade and other receivables Non-current
|
Trade and other receivables Current
|
Trade and other payables Non-current
|
Trade and other payables Current
|
Borrowings Non-current
|
Borrowings Current
|
|||||||||||||||||||||
Associates
|
|||||||||||||||||||||||||||||
Tarshop S.A.
|
Reimbursement of expenses
|
- | - | 1,759 | - | (1 | ) | - | - | ||||||||||||||||||||
Management fee
|
- | - | 226 | - | - | - | - | ||||||||||||||||||||||
New Lipstick LLC
|
Reimbursement of expenses
|
- | - | 1,525 | - | - | - | - | |||||||||||||||||||||
IRSA Developments LP
|
Reimbursement of expenses
|
- | - | 32 | - | (5 | ) | - | - | ||||||||||||||||||||
Lipstick Management LLC
|
Reimbursement of expenses
|
- | - | 507 | - | - | - | - | |||||||||||||||||||||
Agro-Uranga S.A
|
Dividends receivable
|
- | - | 1,471 | - | - | - | - | |||||||||||||||||||||
Sale of goods and/or services
|
- | - | 708 | - | (364 | ) | - | - | |||||||||||||||||||||
Agro Managers S.A.
|
Reimbursement of expenses
|
- | - | 113 | - | - | - | - | |||||||||||||||||||||
Banco Hipotecario S.A.
|
Reimbursement of expenses
|
- | - | 298 | - | (372 | ) | - | - | ||||||||||||||||||||
Borrowings
|
- | - | - | - | - | (35,557 | ) | (9,738 | ) | ||||||||||||||||||||
Non-convertible notes
|
5,135 | - | - | - | - | - | - | ||||||||||||||||||||||
Mortgage bonds
|
540 | - | - | - | - | - | - | ||||||||||||||||||||||
Leases and/or rights to use
|
- | - | 11 | - | - | - | - | ||||||||||||||||||||||
Manibil S.A.
|
Other liabilities
|
- | - | - | - | (781 | ) | - | - | ||||||||||||||||||||
Total Associates
|
5,675 | - | 6,650 | - | (1,523 | ) | 35,557 | (9,738 | ) |
Related party
|
Description of transaction
|
Investments in Financial Assets
Current
|
Trade and other receivables Non-current
|
Trade and other receivables Current
|
Trade and other payables Non-current
|
Trade and other payables Current
|
Borrowings Non-current
|
Borrowings Current
|
|||||||||||||||||||||
Joint Ventures
|
|||||||||||||||||||||||||||||
Cresca S.A.
|
Management fee
|
- | - | 1,693 | - | - | - | - | |||||||||||||||||||||
Reimbursement of expenses
|
- | - | 49 | - | (157 | - | - | ||||||||||||||||||||||
Financial operations
|
- | 41,746 | - | - | - | - | - | ||||||||||||||||||||||
Puerto Retiro S.A.
|
Constributions to be paid in
|
- | - | 101 | - | - | - | - | |||||||||||||||||||||
Reimbursement of expenses
|
- | - | 180 | - | - | - | - | ||||||||||||||||||||||
Financial operations
|
- | - | 3,916 | - | - | - | - | ||||||||||||||||||||||
Nuevo Puerto Santa Fe S.A.
|
Reimbursement of expenses
|
- | - | 275 | - | (142 | - | - | |||||||||||||||||||||
Leases and/or rights to use
|
- | - | 11 | - | (261 | - | - | ||||||||||||||||||||||
Management fee
|
- | - | 629 | - | - | - | - | ||||||||||||||||||||||
Baicom Networks S.A.
|
Management fee
|
- | 1,007 | 1 | - | - | - | - | |||||||||||||||||||||
Reimbursement of expenses
|
- | - | 18 | - | (2 | - | - | ||||||||||||||||||||||
Quality Invest S.A.
|
Management fee
|
- | - | 46 | - | (45 | - | - | |||||||||||||||||||||
Reimbursement of expenses
|
- | - | 77 | - | - | - | - | ||||||||||||||||||||||
Financial operations
|
- | - | 500 | - | - | - | - | ||||||||||||||||||||||
Cyrsa S.A.
|
Financial operations
|
- | - | - | - | - | (98,327 | ) | - | ||||||||||||||||||||
Reimbursement of expenses
|
- | - | 6,039 | - | (254 | - | - | ||||||||||||||||||||||
Boulevard Norte S.A.
|
Reimbursement of expenses
|
- | - | 29 | - | - | - | - | |||||||||||||||||||||
Total Joint Ventures
|
- | 42,753 | 13,564 | - | (861 | (98,327 | ) | - |
35.
|
Related party transactions (Continued)
|
Related party
|
Description of transaction
|
Investments in Financial Assets
Current
|
Trade and other receivables Non-current
|
Trade and other receivables Current
|
Trade and other payables Non-current
|
Trade and other payables Current
|
Borrowings Non-current
|
Borrowings Current
|
|||||||||||||||||||||
Other related parties
|
|||||||||||||||||||||||||||||
Consultores Asset Management S.A. (CAMSA)
|
Management fee
|
- | - | 9,342 | - | - | - | - | |||||||||||||||||||||
Reimbursement of expenses
|
- | - | 2,659 | - | (43 | ) | - | - | |||||||||||||||||||||
Estudio Zang, Bergel & Viñes
|
Sale of goods and/or services
|
- | - | 60 | - | - | - | - | |||||||||||||||||||||
Legal services
|
- | - | 22 | - | (1,432 | ) | - | - | |||||||||||||||||||||
Fundación IRSA
|
Reimbursement of expenses
|
- | - | 51 | - | (2 | ) | - | - | ||||||||||||||||||||
Inversiones Financieras del Sur S.A.
|
Financial operations
|
- | - | 34,669 | - | - | - | - | |||||||||||||||||||||
Reimbursement of expenses
|
- | - | 268 | - | (3 | ) | - | - | |||||||||||||||||||||
Museo de los niños
|
Reimbursement of expenses
|
- | - | 133 | - | (11 | ) | - | - | ||||||||||||||||||||
Leases and/or rights to use
|
- | - | 928 | - | (3 | ) | - | - | |||||||||||||||||||||
Elsztain Managing Partners Master
|
Reimbursement of expenses
|
- | - | - | - | (61 | ) | - | - | ||||||||||||||||||||
Elsztain Managing Partners Ltd.
|
Reimbursement of Capital
|
- | - | - | - | (105,326 | ) | - | - | ||||||||||||||||||||
Decater
|
Reimbursement of Capital
|
- | - | - | - | (6,661 | ) | - | - | ||||||||||||||||||||
Dolphin Fund PLC
|
Capital contributions
|
149,707 | - | - | - | - | - | - | |||||||||||||||||||||
Reimbursement of expenses
|
- | - | 133 | - | - | - | - | ||||||||||||||||||||||
Total Other related parties
|
149,707 | - | 48,265 | - | (113,542 | ) | - | - | |||||||||||||||||||||
Directors and Senior Management
|
|||||||||||||||||||||||||||||
Directors and Senior Management
|
Management fee
|
- | - | 7,599 | - | (11,754 | ) | - | - | ||||||||||||||||||||
Advances
|
- | - | 1,204 | - | (1,746 | ) | - | - | |||||||||||||||||||||
Guarantee deposits
|
- | - | - | (20 | ) | - | - | - | |||||||||||||||||||||
Reimbursement of expenses
|
- | - | 83 | - | (98 | ) | - | - | |||||||||||||||||||||
Total Directors and Senior Management
|
- | - | 8,886 | (20 | ) | (13,598 | ) | - | - | ||||||||||||||||||||
Total
|
155,382 | 42,753 | 77,365 | (20 | ) | (129,524 | ) | (133,884 | ) | (9,738 | ) |
35.
|
Related party transactions (Continued)
|
Related party
|
Leases and/or rights to use
|
Management fee
|
Sale of goods and/or services
|
Remuneration of Board of Directors and senior management
|
Legal services
|
Financial operations
|
Donations
|
|||||||||||||||||||||
Associates
|
||||||||||||||||||||||||||||
Agro-Uranga S.A.
|
- | - | 1,914 | - | - | - | - | |||||||||||||||||||||
Tarshop S.A.
|
1,598 | - | - | - | - | - | - | |||||||||||||||||||||
Banco Hipotecario S.A.
|
120 | - | - | - | - | (676 | ) | - | ||||||||||||||||||||
Total Associates
|
1,718 | - | 1,914 | - | - | (676 | ) | - | ||||||||||||||||||||
Joint Ventures
|
||||||||||||||||||||||||||||
Cyrsa S.A.
|
- | - | - | - | - | (4,027 | ) | - | ||||||||||||||||||||
Cresca S.A.
|
- | 14 | - | - | - | 1,135 | - | |||||||||||||||||||||
Baicom Networks S.A.
|
- | 3 | - | - | - | 28 | - | |||||||||||||||||||||
Nuevo Puerto Santa Fe S.A.
|
(126 | ) | 117 | - | - | - | - | - | ||||||||||||||||||||
Puerto Retiro S.A.
|
- | - | - | - | - | 231 | - | |||||||||||||||||||||
Quality Invest S.A.
|
- | 54 | - | - | - | - | - | |||||||||||||||||||||
Canteras Natal Crespo S.A.
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Total Joint Ventures
|
(126 | ) | 188 | - | - | - | (2,633 | ) | - | |||||||||||||||||||
Other related parties
|
||||||||||||||||||||||||||||
Inversiones Financieras del Sur S.A.
|
- | - | - | - | - | 3,434 | - | |||||||||||||||||||||
Fundación IRSA
|
- | - | - | - | - | - | (550 | ) | ||||||||||||||||||||
Estudio Zang, Bergel & Viñes
|
- | - | - | - | (745 | ) | - | - | ||||||||||||||||||||
Dolphin Fund PLC (i)
|
- | - | - | - | - | 14,296 | - | |||||||||||||||||||||
Hamonet S.A.
|
(83 | ) | - | - | - | - | - | - | ||||||||||||||||||||
Isaac Elzstain e Hijos S.C.A.
|
(157 | ) | - | - | - | - | - | - | ||||||||||||||||||||
Total Other related parties
|
(240 | ) | - | - | - | (745 | ) | 17,730 | (550 | ) | ||||||||||||||||||
Directors and Senior Management
|
||||||||||||||||||||||||||||
Directors and Senior Management
|
- | (14,851 | ) | - | (15,138 | ) | - | - | - | |||||||||||||||||||
Total Directors and Senior Management
|
- | (14,851 | ) | - | (15,138 | ) | - | - | - | |||||||||||||||||||
Total
|
1,352 | (14,663 | ) | 1,914 | (15,138 | ) | (745 | ) | 14,421 | (550 | ) |
Related party
|
Leases and/or rights to use
|
Management fee
|
Sale of goods and/or services
|
Corporate services
|
Remuneration of Board of Directors and senior management
|
Legal services
|
Financial operations
|
Donations
|
||||||||||||||||||||||||
Associates
|
||||||||||||||||||||||||||||||||
Agro-Uranga S.A.
|
- | - | - | - | - | (488 | ) | - | - | |||||||||||||||||||||||
Tarshop S.A.
|
1,915 | 76 | - | - | - | - | - | - | ||||||||||||||||||||||||
Total Associates
|
1,915 | 76 | - | - | - | (488 | ) | - | - | |||||||||||||||||||||||
Joint Ventures
|
||||||||||||||||||||||||||||||||
Cyrsa S.A.
|
6 | - | - | - | - | |||||||||||||||||||||||||||
Cresca S.A.
|
- | (492 | ) | - | - | - | - | 1,031 | - | |||||||||||||||||||||||
Baicom Networks S.A.
|
- | - | - | 3 | - | - | 22 | - | ||||||||||||||||||||||||
Puerto Retiro S.A.
|
- | - | - | - | - | - | (82 | ) | - | |||||||||||||||||||||||
Quality Invest S.A.
|
- | 54 | - | - | - | - | - | - | ||||||||||||||||||||||||
Canteras Natal Crespo S.A.
|
- | 36 | - | - | - | - | 4 | - | ||||||||||||||||||||||||
Total Joint Ventures
|
6 | (402 | ) | - | 3 | - | - | 975 | - | |||||||||||||||||||||||
Other related parties
|
||||||||||||||||||||||||||||||||
Fundación IRSA
|
- | - | - | - | - | - | - | (1,662 | ) | |||||||||||||||||||||||
Estudio Zang, Bergel & Viñes
|
- | 281 | - | - | - | (2,026 | ) | - | - | |||||||||||||||||||||||
Dolphin Fund PLC (i)
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Inversiones Financieras del Sur S.A.
|
- | - | - | - | - | - | (758 | ) | - | |||||||||||||||||||||||
Total Other related parties
|
- | 281 | - | - | - | (2,026 | ) | (758 | ) | (1,662 | ) | |||||||||||||||||||||
Directors and Senior Management
|
- | |||||||||||||||||||||||||||||||
Directors and Senior Management
|
- | (6,699 | ) | - | - | - | - | - | - | |||||||||||||||||||||||
Total Directors and Senior Management
|
- | (6,699 | ) | - | - | - | - | - | - | |||||||||||||||||||||||
Total
|
1,921 | (6,744 | ) | - | 3 | - | (2,514 | ) | 217 | (1,662 | ) |
36.
|
Negative working capital
|
37.
|
Subsequent events
|
37.
|
Subsequent events (Continued)
|
-
|
Class XV to be issued in Argentine Pesos for a principal amount of up to Ps. 100 million, accruing interest at Badlar rate plus a margin to be tendered. Interest shall be paid on a quarterly basis. Principal will be repaid in 3 installments on the 18th, 21th and 24th months from the issue date.
|
-
|
Class XVI to be issued in US dollars (but to be paid in and settled in Argentine Pesos, at the applicable exchange rate) for a principal amount of up to the equivalent to Ps. 200 million, accruing interest at fixed rate of 1.50%, the price will be tendered in the auction and interest will be paid on a quarterly basis. Principal will be paid in 2 installments on the 54th and the 60th months from the issue date.
|
37.
|
Subsequent events (Continued)
|
Buyer
|
Seller
|
Asset
|
Amount
|
Term Price
|
Date of Execution
|
Settlement
|
|||
Alto Palermo S.A.
|
Banco Hipotecario S.A.
|
US$
|
5 million
|
6,420 |
10/01/2013
|
01/31/2014
|
|||
Alto Palermo S.A.
|
Banco Hipotecario S.A.
|
US$
|
5 million
|
6,418 |
10/01/2013
|
01/31/2014
|
37.
|
Subsequent events (Continued)
|
1.
|
We have reviewed the accompanying unaudited condensed interim consolidated statement of financial position of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria and its subsidiaries as of September 30, 2013, and the related unaudited condensed interim consolidated statements of income and comprehensive income for the three-month period ended September 30, 2013, and the unaudited condensed interim consolidated statements of changes in shareholders’ equity and cash flows for the three-month period ended September 30, 2013 and selected explanatory notes. The balances and other information corresponding to the fiscal year ended June 30, 2013 and the interim periods within that fiscal year are an integral part of these financial statements and, therefore, they should be considered in relation to these financial statements.
|
2.
|
The Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). The IFRS as issued by the International Accounting Standard Board (IASB) were adopted as accounting standards by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) and incorporated by the National Securities Commission (CNV) to its regulations. Therefore, the Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim consolidated financial statements in accordance with International Accounting Standard 34 "Interim Financial Reporting" (IAS 34). Our responsibility is to express a conclusion based on the review that we have performed with the scope detailed in paragraph 3.
|
3.
|
We conducted our review in accordance with Technical Resolution No. 7 issued by the FACPCE for a review of interim financial statements. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit, the objective of which is to express an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
|
4.
|
Nothing came to our attention as a result of our review that caused us to believe that these unaudited condensed interim consolidated financial statements have not been prepared in all material respects in accordance with IAS 34.
|
5.
|
In accordance with current regulations, we hereby inform that :
|
a)
|
the unaudited condensed interim consolidated financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria are recorded in the "Inventory and Balance Sheet Book" and carried in all formal respects in conformity with legal requirements, and comply, as regards those matters that are within our competence, with the provisions set forth in the Commercial Companies Law and the corresponding resolutions of the National Securities Commission;
|
b)
|
the unaudited condensed interim consolidated financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria arise from accounting records carried in all formal respects in accordance with applicable legal provisions;
|
c)
|
we have read the Business Summary (“Reseña Informativa”) and the Additional Information to the notes to the unaudited condensed interim consolidated financial statements required by Article 68 of the Buenos Aires Stock Exchange Regulations, on which, as regards those matters that are within our competence, we have no observations to make;
|
d)
|
at September 30, 2013, the debt of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria owed in favor of the Argentine Integrated Pension System which arises from accounting records and submissions amounted to Ps. 7,024,038, which was not callable at that date.
|
PRICE WATERHOUSE & Co. S.R.L.
(Partner)
C.P.C.E.C.A.B.A. Tº 1 Fº 17
Dr. Carlos Martín Barbafina
Public Accountant (U.C.A.)
C.P.C.E.C.A.B.A. Tº 175 Fº 65
|
Note
|
September 30, 2013
|
June 30, 2013
|
|||||||
ASSETS
|
|||||||||
Non-current assets
|
|||||||||
Investment properties
|
7
|
23,608 | 25,838 | ||||||
Property, plant and equipment
|
8
|
398,971 | 387,987 | ||||||
Intangible assets
|
9
|
18,942 | 19,156 | ||||||
Biological assets
|
10
|
183,354 | 192,065 | ||||||
Investments in subsidiaries, associates and joint ventures
|
6
|
3,038,498 | 2,872,627 | ||||||
Deferred income tax assets
|
21
|
76,467 | 15,212 | ||||||
Income tax credit
|
72,067 | 67,752 | |||||||
Trade and other receivables
|
13
|
- | 80,837 | ||||||
Investment in financial assets
|
14
|
21 | 21 | ||||||
Total Non-current assets
|
3,811,928 | 3,661,495 | |||||||
Current assets
|
|||||||||
Biological assets
|
10
|
51,803 | 82,769 | ||||||
Inventories
|
11
|
113,166 | 144,222 | ||||||
Income tax credit
|
1,774 | 1,938 | |||||||
Trade and other receivables
|
13
|
268,683 | 254,850 | ||||||
Investment in financial assets
|
14
|
152,437 | 148,715 | ||||||
Cash and cash equivalents
|
16
|
40,342 | 36,739 | ||||||
Total Current assets
|
628,205 | 669,233 | |||||||
TOTAL ASSETS
|
4,440,133 | 4,330,728 | |||||||
SHAREHOLDERS EQUITY
|
|||||||||
Share capital
|
496,562 | 496,562 | |||||||
Treasury stock……
|
5,001 | 5,001 | |||||||
Inflation adjustment of share capital and treasury stock
|
65,425 | 65,425 | |||||||
Share premium
|
773,079 | 773,079 | |||||||
Share warrants
|
106,264 | 106,264 | |||||||
Cumulative translation adjustment
|
73,874 | 2,284 | |||||||
Equity-settled compensation
|
13,917 | 8,345 | |||||||
Legal reserve
|
46,835 | 46,835 | |||||||
Reserve for new developments
|
337,065 | 337,065 | |||||||
Special reserve
|
695,628 | 695,628 | |||||||
Retained earnings
|
(124,371 | ) | (26,522 | ) | |||||
Acquisition of subsidiaries
|
(22,204 | ) | (21,996 | ) | |||||
TOTAL SHAREHOLDERS EQUITY
|
2,467,075 | 2,487,970 | |||||||
LIABILITIES
|
|||||||||
Non-current liabilities
|
|||||||||
Trade and other payables
|
17
|
1,887 | 1,499 | ||||||
Borrowings
|
20
|
847,637 | 1,152,328 | ||||||
Provisions
|
19
|
1,617 | 1,612 | ||||||
Total Non-current liabilities
|
851,141 | 1,155,439 | |||||||
Current Liabilities
|
|||||||||
Trade and other payables
|
17
|
150,191 | 108,136 | ||||||
Payroll and social security liabilities
|
18
|
31,555 | 36,440 | ||||||
Borrowings
|
20
|
939,564 | 542,733 | ||||||
Derivative financial instruments
|
15
|
599 | - | ||||||
Provisions
|
19
|
8 | 10 | ||||||
Total Current liabilities
|
1,121,917 | 687,319 | |||||||
TOTAL LIABILITIES
|
1,973,058 | 1,842,758 | |||||||
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES
|
4,440,133 | 4,330,728 |
Cresud S.A.C.I.F. y A. | |||
|
By:
|
/s/ Alejandro G. Elsztain | |
Alejandro G. Elsztain | |||
Vice- President II acting as President | |||
Note
|
September 30, 2013
|
September 30, 2012
|
|||||||
Revenues
|
23
|
265,720 | 134,894 | ||||||
Costs
|
24
|
(299,764 | ) | (164,706 | ) | ||||
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
|
50,975 | 56,211 | |||||||
Changes in the net realizable value of agricultural produce after harvest
|
(4,284 | ) | 11,701 | ||||||
Gross profit
|
12,647 | 38,100 | |||||||
General and administrative expenses
|
25
|
(31,010 | ) | (14,682 | ) | ||||
Selling expenses
|
25
|
(32,793 | ) | (27,905 | ) | ||||
Other operating loss net
|
27
|
(3,217 | ) | (6,950 | ) | ||||
Loss from operations
|
(54,373 | ) | (11,437 | ) | |||||
Share of profit of subsidiaries, associates and joint ventures
|
6
|
18,490 | 25,386 | ||||||
(Loss) / profit before Financing and Taxation
|
(35,883 | ) | 13,949 | ||||||
Finance income
|
28
|
12,163 | 8,767 | ||||||
Finance costs
|
28
|
(149,681 | ) | (58,854 | ) | ||||
Other financial results
|
28
|
14,297 | (122 | ) | |||||
Financial results, net
|
28
|
(123,221 | ) | (50,209 | ) | ||||
Loss before Income tax
|
(159,104 | ) | (36,260 | ) | |||||
Income tax gain
|
21
|
61,255 | 19,742 | ||||||
Loss for the period
|
(97,849 | ) | (16,518 | ) | |||||
Loss per share for the period:
|
|||||||||
Basic
|
(0.20 | ) | (0.03 | ) | |||||
Diluted
|
(i) (0.20)
|
(i) (0.03)
|
Cresud S.A.C.I.F. y A. | |||
|
By:
|
/s/ Alejandro G. Elsztain | |
Alejandro G. Elsztain | |||
Vice- President II acting as President | |||
September 30, 2013
|
September 30, 2012
|
|||||||
Loss for the period
|
(97,849 | ) | (16,518 | ) | ||||
Other Comprehensive Income:
|
||||||||
Items that may be reclassified subsequently to profit or loss:
|
||||||||
Currency translation adjustment from subsidiaries, associates and joint ventures
|
71,590 | 22,497 | ||||||
Other Comprehensive income for the period (i)
|
71,590 | 22,497 | ||||||
Total Comprehensive (loss) / income for the period
|
(26,259 | ) | 5,979 |
Cresud S.A.C.I.F. y A. | |||
|
By:
|
/s/ Alejandro G. Elsztain | |
Alejandro G. Elsztain | |||
Vice- President II acting as President | |||
Share Capital
|
Treasury Stock
|
Inflation Adjustment of Share Capital and Treasury Stock
|
Share Premium
|
Share Warrants
|
Subtotal
|
Acquisition of subsidiaries
|
Cumulative currency translation adjustment
|
Equity-settled compensation
|
Legal Reserve
|
Reserve for new developments
|
Special Reserve (1)
|
Retained Earnings
|
Total shareholders’ equity
|
|||||||||||||||||||||||||||||||||||||||||||
Balance as of July 1, 2013
|
496,562 | 5,001 | 65,425 | 773,079 | 106,264 | 1,446,331 | (21,996 | ) | 2,284 | 8,345 | 46,835 | 337,065 | 695,628 | (26,522 | ) | 2,487,970 | ||||||||||||||||||||||||||||||||||||||||
Loss for the period
|
- | - | - | - | - | - | - | - | - | - | - | - | (97,849 | ) | (97,849 | ) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income for the period
|
- | - | - | - | - | - | - | 71,590 | - | - | - | - | - | 71,590 | ||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income / (loss) for the period
|
- | - | - | - | - | - | - | 71,590 | - | - | - | - | (97,849 | ) | (26,259 | ) | ||||||||||||||||||||||||||||||||||||||||
Equity-settled compensation
|
- | - | - | - | - | - | - | - | 5,860 | - | - | - | - | 5,860 | ||||||||||||||||||||||||||||||||||||||||||
Changes in interest in subsidiaries
|
- | - | - | - | - | - | (208 | ) | - | - | - | - | - | - | (208 | ) | ||||||||||||||||||||||||||||||||||||||||
Cancellation of Brasilagro warrants
|
- | - | - | - | - | - | - | - | (288 | ) | - | - | - | - | (288 | ) | ||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2013
|
496,562 | 5,001 | 65,425 | 773,079 | 106,264 | 1,446,331 | (22,204 | ) | 73,874 | 13,917 | 46,835 | 337,065 | 695,628 | (124,371 | ) | 2,467,075 |
Cresud S.A.C.I.F. y A. | |||
|
By:
|
/s/ Alejandro G. Elsztain | |
Alejandro G. Elsztain | |||
Vice- President II acting as President | |||
Share Capital
|
Treasury Stock
|
Inflation Adjustment
of Share Capital and
Treasury Stock
|
Share Premium
|
Share Warrants
|
Subtotal
|
Acquisition of subsidiaries
|
Cumulative currency translation adjustment
|
Equity
-settled
compensation
|
Legal Reserve
|
Reserve for new developments
|
Retained Earnings
|
Total shareholders’ Equity
|
||||||||||||||||||||||||||||||||||||||||
Balance as of July 1, 2012
|
496,562 | 5,001 | 166,218 | 773,079 | 106,263 | 1,547,123 | (9,596 | ) | (81,939 | ) | 4,540 | 42,922 | 389,202 | 666,611 | 2,558,863 | |||||||||||||||||||||||||||||||||||||
Loss for the period
|
- | - | - | - | - | - | - | - | - | - | - | (16,518 | ) | (16,518 | ) | |||||||||||||||||||||||||||||||||||||
Other comprehensive income for the period
|
- | - | - | - | - | - | - | 22,497 | - | - | - | 22,497 | ||||||||||||||||||||||||||||||||||||||||
Total comprehensive income / (loss) for the period
|
- | - | - | - | - | - | - | 22,497 | - | - | - | (16,518 | ) | 5,979 | ||||||||||||||||||||||||||||||||||||||
Acquisition of subsidiaries
|
- | - | - | - | - | - | 2,103 | - | - | - | - | - | 2,103 | |||||||||||||||||||||||||||||||||||||||
Equity-settled compensation
|
- | - | - | - | - | - | - | - | 1,823 | - | - | - | 1,823 | |||||||||||||||||||||||||||||||||||||||
Exercise of warrants
|
- | - | - | - | 1 | 1 | - | - | - | - | - | - | 1 | |||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2012
|
496,562 | 5,001 | 166,218 | 773,079 | 106,264 | 1,547,124 | (7,493 | ) | (59,442 | ) | 6,363 | 42,922 | 389,202 | 650,093 | 2,568,769 |
Cresud S.A.C.I.F. y A. | |||
|
By:
|
/s/ Alejandro G. Elsztain | |
Alejandro G. Elsztain | |||
Vice- President II acting as President | |||
Note
|
September 30, 2013
|
September 30, 2012
|
|||||||
Operating activities:
|
|||||||||
Cash provided by operations
|
15
|
71,179 | 12,034 | ||||||
Income tax paid
|
- | - | |||||||
Net cash provided by operating activities
|
71,179 | 12,034 | |||||||
Investing activities:
|
|||||||||
Acquisition of subsidiaries, associates and joint ventures
|
4
|
- | (5,694 | ) | |||||
Capital contribution to subsidiaries, associates and joint ventures
|
6
|
(3,918 | ) | (20,397 | ) | ||||
Proceeds from sale of companies
|
274 | - | |||||||
Purchases of investment properties
|
7
|
(878 | ) | (441 | ) | ||||
Proceeds from sale of investment properties
|
64 | - | |||||||
Purchases of property, plant and equipment
|
8
|
(11,092 | ) | (13,308 | ) | ||||
Proceeds from sale of property, plant and equipment
|
633 | - | |||||||
Purchase of intangible assets
|
9
|
(17 | ) | - | |||||
Payment of investment in financial assets
|
(125,326 | ) | - | ||||||
Proceeds from disposals of Investment in financial assets
|
136,500 | 928 | |||||||
Loans granted to subsidiaries, associates and joint ventures
|
(14,280 | ) | (18,245 | ) | |||||
Loans repayments received from subsidiaries, associates and joint ventures
|
734 | 29,192 | |||||||
Dividends received
|
2,738 | - | |||||||
Net cash used in investing activities
|
(14,568 | ) | (27,965 | ) | |||||
Financing activities:
|
|||||||||
Proceeds from issuance of non-convertible notes
|
- | 142,168 | |||||||
Payment of non-convertible notes
|
(53,651 | ) | (96,904 | ) | |||||
Proceeds from borrowings
|
72,655 | 72,338 | |||||||
Repayments of borrowings
|
(22,368 | ) | (71,851 | ) | |||||
Proceeds from borrowings from subsidiaries, associates and joint ventures
|
- | - | |||||||
Payments of borrowings from subsidiaries, associates and joint ventures
|
(186 | ) | - | ||||||
Payments of warrants
|
(288 | ) | - | ||||||
Proceeds from warrants
|
- | 1 | |||||||
Payment of seller financing
|
(48 | ) | (44 | ) | |||||
Interest paid
|
(50,268 | ) | (32,425 | ) | |||||
Net Cash flows (used in) provided by financing activities
|
(54,154 | ) | 13,283 | ||||||
Net increase (decrease) in cash and cash equivalents
|
2,457 | (2,648 | ) | ||||||
Cash and cash equivalents at beginning of period
|
15
|
36,739 | 8,194 | ||||||
Foreign exchange gain on cash and cash equivalents
|
1,146 | 18 | |||||||
Cash and cash equivalents at end of period
|
40,342 | 5,564 |
Cresud S.A.C.I.F. y A. | |||
|
By:
|
/s/ Alejandro G. Elsztain | |
Alejandro G. Elsztain | |||
Vice- President II acting as President | |||
1.
|
General information
|
1.1
|
The Company’s business and general information
|
2.
|
Basis of preparation of the Unaudited Condensed Interim Separate Financial Statement
|
2.2.
|
Significant accounting policies
|
2.
|
Basis of preparation of the Unaudited Condensed Interim Separate Financial Statement (Continued)
|
2.3.
|
Use of estimates
|
3.
|
Seasonal effects on operations
|
4.
|
Acquisitions and disposals
|
5.
|
Financial risk management and fair value estimates
|
5.1.
|
Financial risk
|
6.
|
Information about principal subsidiaries, associates and joint ventures
|
September 30, 2013
|
June 30, 2013
|
|||||||
Beginning of the period / year
|
2,872,627 | 2,656,655 | ||||||
Acquisition of subsidiaries
|
(229 | ) | (7,521 | ) | ||||
Capital contribution
|
76,334 | 109,504 | ||||||
Disposal of subsidiaries
|
(255 | ) | (1,192 | ) | ||||
Share of profit, net
|
18,490 | 131,953 | ||||||
Cumulative translation adjustments
|
71,590 | 100,778 | ||||||
Equity- settled compensation
|
4,052 | 4,886 | ||||||
Dividend paid
|
(4,111 | ) | (122,819 | ) | ||||
Reimbursement of expired dividends
|
- | 383 | ||||||
End of the period / year
|
3,038,498 | 2,872,627 |
7.
|
Investment properties
|
September 30, 2013
|
June 30, 2013
|
|||||||
Beginning of the period / year
|
25,838 | 15,995 | ||||||
Additions
|
878 | 2,532 | ||||||
Reclassifications of Property, plant and equipment
|
(2,932 | ) | 8,579 | |||||
Disposals
|
(64 | ) | (907 | ) | ||||
Depreciation charge (i)
|
(112 | ) | (361 | ) | ||||
End of the period / year
|
23,608 | 25,838 |
(i)
|
Depreciation charges of investment property were included in “Costs” in the Statement of Income (Note 24).
|
September 30, 2013
|
September 30, 2012
|
|||||||
Rental and service income
|
2,102 | 6,079 |
8.
|
Property, plant and equipment
|
September 30, 2013
|
June 30, 2013
|
|||||||
Beginning of the period / year
|
387,987 | 360,329 | ||||||
Additions
|
11,092 | 51,535 | ||||||
Reclassifications to investment properties
|
2,932 | (8,579 | ) | |||||
Disposals
|
(640 | ) | (7,016 | ) | ||||
Depreciation charge (i) (Note 25)
|
(2,400 | ) | (8,282 | ) | ||||
End of the period / year
|
398,971 | 387,987 |
(i)
|
For the three-month period ended as of September 30, 2013, the depreciation expense of property, plant and equipment has been charged as follows: Ps. 143 under the line item “General and administrative expenses” and Ps. 11 under the line item “Selling expenses” and Ps. 2,246 under the line item “Cost” in the Statement of Income. For the fiscal year ended June 30, 2013, the depreciation expense of property, plant and equipment has been charged as follows: Ps. 436 under the line item “General and administrative expenses” and Ps. 7,846 under the line item “Cost” in the Statement of Income.
|
9.
|
Intangible assets
|
September 30, 2013
|
June 30, 2013
|
|||||||
Beginning of the period / year
|
19,156 | 20,151 | ||||||
Additions
|
17 | 57 | ||||||
Amortization charge (i)
|
(231 | ) | (1,052 | ) | ||||
End of the period / year
|
18,942 | 19,156 |
(i)
|
Amortization charges are included in “General and administrative expenses” in the Statement of Income. There is no impairment charges for any of the periods presented.
|
10.
|
Biological assets
|
September 30, 2013
|
June 30, 2013
|
|||||||
Beginning of the period / year
|
274,834 | 249,180 | ||||||
Increase due to purchases
|
- | 712 | ||||||
Initial recognition and changes in the fair value of biological assets
|
39,896 | 350,846 | ||||||
Decrease due to harvest
|
(51,016 | ) | (260,704 | ) | ||||
Decrease due to sales
|
(28,334 | ) | (63,969 | ) | ||||
Decrease due to consumption
|
(223 | ) | (1,231 | ) | ||||
End of the period / year
|
235,157 | 274,834 |
Classification
|
September 30, 2013
|
June 30, 2013
|
|||||||
Non-current
|
|||||||||
Cattle for dairy production
|
Production
|
27,817 | 27,957 | ||||||
Breeding cattle
|
Production
|
146,938 | 155,058 | ||||||
Other cattle
|
Production
|
5,981 | 6,320 | ||||||
Others biological assets
|
Production
|
2,618 | 2,730 | ||||||
Non-current biological assets
|
183,354 | 192,065 | |||||||
Current
|
|||||||||
Cattle for dairy production
|
Consumable
|
118 | 177 | ||||||
Breeding cattle
|
Consumable
|
32,121 | 40,692 | ||||||
Crops
|
Consumable
|
18,949 | 41,150 | ||||||
Other cattle
|
Consumable
|
615 | 750 | ||||||
Current biological assets
|
51,803 | 82,769 | |||||||
Total biological assets
|
235,157 | 274,834 |
11.
|
Inventories
|
September 30, 2013
|
June 30, 2013
|
|||||||
Current
|
||||||||
Crops
|
18,305 | 74,929 | ||||||
Materials and inputs
|
78,585 | 46,998 | ||||||
Seeds and fodders
|
16,276 | 22,295 | ||||||
Total inventories
|
113,166 | 144,222 |
12.
|
Financial instruments by category
|
September 30, 2013
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Financial assets at fair value through profit or loss:
|
||||||||||||||||
- Mutual funds
|
128,237 | - | - | 128,237 | ||||||||||||
- Shares
|
- | 21 | - | 21 | ||||||||||||
- Corporate bonds
|
24,200 | - | - | 24,200 | ||||||||||||
Cash and cash equivalents
|
112 | - | - | 112 | ||||||||||||
Total assets
|
152,549 | 21 | - | 152,570 | ||||||||||||
Liabilities
|
||||||||||||||||
- Interest-rate swaps
|
- | 599 | - | 599 | ||||||||||||
Total liabilities
|
- | 599 | - | 599 |
June 30, 2013
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Financial assets at fair value through profit or loss:
|
||||||||||||||||
- Mutual funds
|
127,235 | - | - | 127,235 | ||||||||||||
- Shares
|
- | 21 | - | 21 | ||||||||||||
- Corporate bonds
|
21,480 | - | - | 21,480 | ||||||||||||
Cash and cash equivalents
|
160 | - | - | 161 | ||||||||||||
Total assets
|
148,875 | 21 | - | 148,897 |
13.
|
Trade and other receivables
|
September 30, 2013
|
June 30, 2013
|
|||||||
Non-current
|
||||||||
VAT receivables
|
- | 7,202 | ||||||
Non-current other receivables
|
- | 7,202 | ||||||
Related parties (Note 30)
|
- | 73,635 | ||||||
Non-current trade and other receivables
|
- | 80,837 | ||||||
Current
|
||||||||
Receivables from sale of agricultural products and services
|
73,818 | 51,427 | ||||||
Deferred checks received
|
7,043 | 11,101 | ||||||
Debtors under legal proceedings
|
281 | 281 | ||||||
Less: allowance for doubtful accounts
|
(689 | ) | (415 | ) | ||||
Trade receivables
|
80,453 | 62,394 | ||||||
Prepayments
|
22,535 | 23,686 | ||||||
VAT receivables
|
14,553 | 5,905 | ||||||
Gross sales tax credit
|
2,602 | 1,904 | ||||||
Other tax receivables
|
1,908 | 951 | ||||||
Advance payments
|
1,244 | 133 | ||||||
Expenses and services to recover
|
4,125 | 3,522 | ||||||
Others
|
4,604 | 17,851 | ||||||
Current other receivables
|
51,571 | 53,952 | ||||||
Related parties (Note 30)
|
136,659 | 138,504 | ||||||
Current trade and other receivables
|
268,683 | 254,850 | ||||||
Total trade and other receivables
|
268,683 | 335,687 |
September 30, 2013
|
June 30, 2013
|
|||||||
Beginning of the period / year
|
415 | 474 | ||||||
Additions
|
274 | 38 | ||||||
Unused amounts reversed / uses
|
- | (97 | ) | |||||
End of the period / year
|
689 | 415 |
14.
|
Investment in financial assets
|
September 30, 2013
|
June 30, 2013
|
|||||||
Non-current
|
||||||||
Shares
|
21 | 21 | ||||||
Total non-Current financial assets
|
21 | 21 | ||||||
Current
|
||||||||
Corporate bonds
|
24,200 | 21,480 | ||||||
Mutual funds
|
128,237 | 127,235 | ||||||
Total current financial assets
|
152,437 | 148,715 | ||||||
Total Investment in financial assets
|
152,458 | 148,736 |
15.
|
Derivative financial instruments
|
September 30, 2013
|
June 30, 2013
|
|||||||
Liabilities
|
||||||||
Current
|
||||||||
Swaps
|
599 | - | ||||||
Total current liabilities
|
599 | - | ||||||
Total liabilities
|
599 | - |
16.
|
Cash flow information
|
September 30, 2013
|
June 30, 2013
|
|||||||
Cash at bank and on hand
|
26,203 | 8,504 | ||||||
Short-term bank deposits
|
14,027 | 28,074 | ||||||
Mutual funds
|
112 | 161 | ||||||
Total cash and cash equivalents
|
40,342 | 36,739 |
16.
|
Cash flow information (Continued)
|
September 30, 2013
|
September 30, 2012
|
|||||||
Loss for the period
|
(97,849 | ) | (16,518 | ) | ||||
Adjustments for:
|
||||||||
Income tax expense
|
(61,255 | ) | (19,742 | ) | ||||
Depreciation
|
2,512 | 2,095 | ||||||
Amortization
|
231 | 248 | ||||||
Gain from disposal of property, plant and equipment
|
21 | (112 | ) | |||||
Share-based payments
|
1,808 | 557 | ||||||
Release of investment property and property, plant and equipment
|
- | 242 | ||||||
Unrealized loss on derivative financial instruments
|
1,513 | 2,279 | ||||||
Changes in the fair value of financial assets at fair value through profit or loss
|
(14,896 | ) | (47 | ) | ||||
Accrued interest, net
|
41,149 | 24,762 | ||||||
Unrealized initial recognition and changes in the fair value of biological assets and agricultural produce
|
(31,360 | ) | (26,962 | ) | ||||
Changes in the net realizable value of agricultural produce after harvest
|
4,284 | (11,701 | ) | |||||
Provisions
|
2,720 | 2,872 | ||||||
Share of (profit) / loss of Investment in subsidiaries, associates and joint ventures
|
(18,490 | ) | (25,386 | ) | ||||
Unrealized foreign exchange loss, net
|
98,436 | 26,036 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Decrease / (Increase) in biological assets
|
71,040 | (4,344 | ) | |||||
Decrease in inventories
|
26,772 | 61,737 | ||||||
Decrease in trade and other receivables
|
14,578 | 16,694 | ||||||
Increase in derivative financial instruments
|
(914 | ) | (2,619 | ) | ||||
Decrease in trade and other payables
|
35,763 | (7,731 | ) | |||||
Decrease in payroll and social security liabilities
|
(4,884 | ) | (10,326 | ) | ||||
Net cash generated from operating activities before income tax paid
|
71,179 | 12,034 |
September 30, 2013
|
September 30, 2012
|
|||||||
Non-cash activities
|
||||||||
Unpaid dividends
|
(1,373 | ) | - | |||||
Increase of interest in subsidiaries, associates and joint venture by exchange differences on translating foreign operations
|
(71,588 | ) | (22,498 | ) | ||||
Decrease of interest in subsidiaries, associates and joint ventures through an increase in trade and other receivables
|
(476 | ) | - | |||||
Increase of interest in subsidiaries, associates and joint ventures through a decrease in trade and other receivables
|
71,941 | - | ||||||
Equity- settled compensation
|
4,052 | 1,265 | ||||||
Transfers of property, plant and equipment to investment properties
|
2,932 | (6,502 | ) | |||||
Decrease in biological assets due to harvest
|
- | (50,725 | ) |
17.
|
Trade and other payables
|
September 30, 2013
|
June 30, 2013
|
|||||||
Tax on shareholders’ personal assets
|
1,399 | 1,476 | ||||||
Others
|
9 | 23 | ||||||
Total non-current other payables
|
1,408 | 1,499 | ||||||
Related parties (Note 30)
|
479 | - | ||||||
Total non-current trade and other payables
|
1,887 | 1,499 | ||||||
Current
|
||||||||
Trade payables
|
78,066 | 39,517 | ||||||
Provisions
|
27,624 | 43,126 | ||||||
Total current trade payables
|
105,690 | 82,643 | ||||||
Guarantee deposits
|
2,212 | 7,503 | ||||||
Gross sales tax payable
|
710 | 1,389 | ||||||
Tax amnesty plan for payable taxes
|
309 | 310 | ||||||
Withholdings tax
|
10,000 | 6,979 | ||||||
MPIT
|
2,243 | - | ||||||
Tax on shareholders’ personal assets
|
5,925 | - | ||||||
Others
|
545 | 3,503 | ||||||
Total current other payables
|
21,944 | 19,684 | ||||||
Related parties (Note 30)
|
22,557 | 5,809 | ||||||
Total current trade and other payables
|
150,191 | 108,136 | ||||||
Total trade and other payables
|
152,078 | 109,635 |
18.
|
Payroll and social security liabilities
|
September 30, 2013
|
June 30, 2013
|
|||||||
Current
|
||||||||
Provision for vacation and bonuses
|
17,373 | 27,835 | ||||||
Social security payable
|
13,469 | 8,530 | ||||||
Salaries payable
|
309 | - | ||||||
Others
|
404 | 75 | ||||||
Current payroll and social security liabilities
|
31,555 | 36,440 | ||||||
Total payroll and social security liabilities
|
31,555 | 36,440 |
19.
|
Provisions
|
Labor, legal and other claims
|
Tax and social security
|
Total
|
||||||||||
As of June 30, 2012
|
1,572 | 5 | 1,577 | |||||||||
Additions
|
114 | - | 114 | |||||||||
Used during period
|
(69 | ) | - | (69 | ) | |||||||
As of June 30, 2013
|
1,617 | 5 | 1,622 | |||||||||
Additions
|
6 | - | 6 | |||||||||
Used during period
|
- | (3 | ) | (3 | ) | |||||||
As of September 30, 2013
|
1,623 | 2 | 1,625 |
September 30, 2013
|
June 30, 2013
|
|||||||
Non-current
|
1,617 | 1,612 | ||||||
Current
|
8 | 10 | ||||||
1,625 | 1,622 |
20.
|
Borrowings
|
Value as of
|
||||||||||||||||
Secured/ unsecured
|
Currency
|
Fixed/ Floating
|
Effective interest rate %
|
Nominal Value (in millions)
|
September 30,
2013
|
June 30,
2013
|
||||||||||
Non-current
|
||||||||||||||||
CRESUD NCN Class VIII due 2014
|
Unsecured
|
US$
|
Fixed
|
7.50 %'
|
60 | - | 322,925 | |||||||||
CRESUD NCN Class XI due 2015 (i)
|
Unsecured
|
Ps.
|
Floating
|
Badlar + 375 bps
|
80.5 | 53,495 | 53,415 | |||||||||
CRESUD NCN Class XII due 2014 (iii)
|
Unsecured
|
Ps.
|
Floating
|
Badlar + 410 bps
|
102 | 33,959 | 67,819 | |||||||||
CRESUD NCN Class XIII due 2015 (iii)
|
Unsecured
|
US$
|
Fixed
|
1.90 %'
|
79 | 458,544 | 425,658 | |||||||||
CRESUD NCN Class XIV due 2018 (iii)
|
Unsecured
|
US$
|
Fixed
|
1.50 %'
|
32 | 184,134 | 171,084 | |||||||||
Loan from Banco Ciudad
|
Unsecured
|
US$
|
Floating
|
Libor + 300 bps o 6% (the higher)
|
15 | 83,648 | 77,780 | |||||||||
Loan from Banco de La Pampa
|
Unsecured
|
Ps.
|
Floating
|
Rate Survey PF 30-59 days
|
20 | 20,000 | 19,784 | |||||||||
Loan from Banco de la Provincia de Buenos Aires
|
Unsecured
|
Ps.
|
Fixed
|
15.01%'
|
21.2 | 13,572 | 13,543 | |||||||||
Finance lease obligations
|
Secured
|
US$
|
Fixed
|
7.50%'
|
- | 285 | 320 | |||||||||
Non-current borrowings
|
847,637 | 1,152,328 |
Value as of
|
||||||||||||||||
Secured/ unsecured
|
Currency
|
Fixed/ Floating
|
Effective interest rate %
|
Nominal Value (in millions)
|
September 30,
2013
|
June 30,
2013
|
||||||||||
Current
|
||||||||||||||||
CRESUD NCN Class VIII due 2014
|
Unsecured
|
US$
|
Fixed
|
7.5%
|
60 | 347,765 | 6,074 | |||||||||
CRESUD NCN Class IX due 2014 (ii)
|
Unsecured
|
Ps.
|
Floating
|
Badlar + 300 bps
|
53.7 | 53,726 | 107,344 | |||||||||
CRESUD NCN Class X due 2014 (iii)
|
Unsecured
|
US$
|
Fixed
|
7.75%
|
31.5 | 182,339 | 169,338 | |||||||||
CRESUD NCN Class X – 2nd tranche due 2014
|
Unsecured
|
US$
|
Fixed
|
7.75%
|
30 | 175,185 | 163,477 | |||||||||
CRESUD NCN Class XI due 2015 (iv)
|
Unsecured
|
Ps.
|
Floating
|
Badlar + 375 bps
|
80.5 | 26,727 | 26,752 | |||||||||
CRESUD NCN Class XII due 2014
|
Unsecured
|
Ps.
|
Floating
|
Badlar + 410 bps
|
102 | 69,379 | 35,083 | |||||||||
CRESUD NCN Class XIII due 2015
|
Unsecured
|
US$
|
Fixed
|
1.90 %
|
79 | (1,907 | ) | (1,954 | ) | |||||||
CRESUD NCN Class XIV due 2018 (iii)
|
Unsecured
|
US$
|
Fixed
|
1.50 %
|
32 | (55 | ) | (74 | ) | |||||||
Loan from Banco Ciudad
|
Unsecured
|
US$
|
Floating
|
Libor + 300 bps o 6% (the higher)
|
15 | 5,449 | 6,266 | |||||||||
Loan from Banco de La Pampa
|
Unsecured
|
Ps.
|
Floating
|
Rate Survey PF 30-59 days
|
20 | 164 | 893 | |||||||||
Loan from Banco de la Provincia de Buenos Aires
|
Unsecured
|
Ps.
|
Fixed
|
15.01%
|
21.2 | 7,684 | 6,895 | |||||||||
Finance lease obligations
|
Secured
|
US$
|
Fixed
|
10.75%
|
- | 230 | 217 | |||||||||
Bank overdrafts
|
Unsecured
|
Ps.
|
Fixed
|
-
|
- | 72,878 | 22,422 | |||||||||
Current borrowings
|
939,564 | 542,733 | ||||||||||||||
Total borrowings
|
1,787,201 | 1,695,061 |
20.
|
Borrowings (Continued)
|
September 30, 2013
|
June 30, 2013
|
|||||||
CRESUD Class VIII NCN due 2014
|
- | 330,873 | ||||||
CRESUD Class XI NCN due 2015
|
53,495 | 80,502 | ||||||
CRESUD Class XII NCN due 2015
|
33,959 | 102,073 | ||||||
CRESUD Class XIII NCN due 2015
|
458,544 | 429,071 | ||||||
CRESUD Class XIV NCN due 2018
|
184,391 | 172,692 | ||||||
Long-term loans
|
124,610 | 126,564 | ||||||
Total
|
854,999 | 1,241,775 |
21.
|
Taxation
|
September 30, 2013
|
September 30, 2012
|
|||||||
Deferred income tax
|
61,255 | 19,742 | ||||||
Income tax gain
|
61,255 | 19,742 |
September 30, 2013
|
June 30, 2013
|
|||||||
Beginning of period / year
|
15,212 | (61,025 | ) | |||||
Charged to statement of income
|
61,255 | 76,237 | ||||||
End of period/year
|
76,467 | 15,212 |
21.
|
Taxation (Continued)
|
September 30, 2013
|
September 30, 2012
|
|||||||
Tax calculated at the tax applicable tax rate in effect
|
55,686 | 12,691 | ||||||
Tax effect of:
|
||||||||
Share of profit of subsidiaries, associates and joint ventures
|
6,471 | 8,886 | ||||||
Tax on personal assets
|
(949 | ) | (1,057 | ) | ||||
Others
|
47 | (778 | ) | |||||
Income tax expense
|
61,255 | 19,742 |
22.
|
Shareholders' Equity
|
23.
|
Revenues
|
September 30, 2013
|
September 30, 2012
|
|||||||
Crops
|
220,491 | 102,407 | ||||||
Cattle
|
30,885 | 17,793 | ||||||
Milk
|
11,763 | 8,581 | ||||||
Supplies
|
457 | 11 | ||||||
Leases
|
2,102 | 6,079 | ||||||
Agricultural services
|
22 | 23 | ||||||
Total revenue
|
265,720 | 134,894 |
24.
|
Costs
|
September 30, 2013
|
September 30, 2012
|
|||||||
Crops
|
218,445 | 113,682 | ||||||
Cattle
|
55,503 | 30,529 | ||||||
Milk
|
22,895 | 17,019 | ||||||
Agricultural services
|
639 | 994 | ||||||
Leases
|
515 | 826 | ||||||
Supplies
|
4 | 10 | ||||||
Other costs
|
1,763 | 1,646 | ||||||
Total costs
|
299,764 | 164,706 |
25.
|
Expenses by nature
|
Costs
|
||||||||||||||||||||||||
Cost of sale and agricultural services
|
Cost of agricultural production
|
Other
agricultural operating costs
|
General and administrative expenses
|
Selling expenses
|
Total
|
|||||||||||||||||||
Supplies and labor
|
- | 57,004 | 114 | - | - | 57,118 | ||||||||||||||||||
Leases, expenses and vacant property costs
|
- | 265 | 38 | 680 | 37 | 1,020 | ||||||||||||||||||
Amortization and depreciation
|
16 | 1,322 | 1,093 | 368 | 15 | 2,814 | ||||||||||||||||||
Doubtful accounts
|
- | - | - | - | 274 | 274 | ||||||||||||||||||
Changes in biological assets and agricultural produce
|
220,901 | - | - | - | - | 220,901 | ||||||||||||||||||
Advertising, publicity and other selling expenses
|
- | - | - | - | 72 | 72 | ||||||||||||||||||
Maintenance and repairs
|
28 | 2,485 | 188 | 556 | 16 | 3,273 | ||||||||||||||||||
Payroll and social security expenses
|
495 | 9,074 | 1,241 | 11,962 | 916 | 23,688 | ||||||||||||||||||
Fees and payments for services
|
- | 1,012 | 58 | 969 | 72 | 2,111 | ||||||||||||||||||
Freights
|
- | 2,224 | 13 | 1 | 18,244 | 20,482 | ||||||||||||||||||
Commissions
|
- | 146 | - | - | 781 | 927 | ||||||||||||||||||
Conditioning and clearance
|
- | - | - | - | 5,264 | 5,264 | ||||||||||||||||||
Directors' fees
|
- | - | - | 15,216 | - | 15,216 | ||||||||||||||||||
Taxes, rates and contributions
|
- | 1,007 | 59 | 116 | 7,055 | 8,237 | ||||||||||||||||||
Others
|
5 | 863 | 113 | 1,142 | 47 | 2,170 | ||||||||||||||||||
Total expenses by nature
|
221,445 | 75,402 | 2,917 | 31,010 | 32,793 | 363,567 |
25.
|
Expenses by nature (Continued)
|
Costs
|
||||||||||||||||||||||||
Cost of sale and agricultural services
|
Cost of agricultural production
|
Other
agricultural operating costs
|
General and administrative expenses
|
Selling expenses
|
Total
|
|||||||||||||||||||
Supplies and labor
|
9 | 39,082 | 389 | - | - | 39,480 | ||||||||||||||||||
Leases, expenses and vacant property costs
|
- | 226 | 34 | 572 | 43 | 875 | ||||||||||||||||||
Amortization and depreciation
|
15 | 1,106 | 884 | 330 | 8 | 2,343 | ||||||||||||||||||
Doubtful accounts
|
- | - | - | - | (65 | ) | (65 | ) | ||||||||||||||||
Changes in biological assets and agricultural produce
|
106,329 | - | - | - | - | 106,329 | ||||||||||||||||||
Advertising, publicity and other selling expenses
|
- | - | 2 | - | 142 | 144 | ||||||||||||||||||
Maintenance and repairs
|
27 | 2,420 | 602 | 666 | 26 | 3,741 | ||||||||||||||||||
Payroll and social security expenses
|
85 | 7,659 | 1,221 | 9,256 | 856 | 19,077 | ||||||||||||||||||
Fees and payments for services
|
- | 907 | 33 | 1,115 | 201 | 2,256 | ||||||||||||||||||
Freights
|
- | 1,148 | 14 | - | 17,882 | 19,044 | ||||||||||||||||||
Commissions
|
- | 37 | - | - | 536 | 573 | ||||||||||||||||||
Conditioning and clearance
|
- | - | - | - | 3,561 | 3,561 | ||||||||||||||||||
Directors' fees
|
- | - | - | 683 | - | 683 | ||||||||||||||||||
Taxes, rates and contributions
|
- | 683 | 69 | 48 | 3,998 | 4,798 | ||||||||||||||||||
Others
|
- | 1,507 | 218 | 2,012 | 717 | 4,454 | ||||||||||||||||||
Total expenses by nature
|
106,465 | 54,775 | 3,466 | 14,682 | 27,905 | 207,293 |
26.
|
Employee costs
|
September 30, 2013
|
September 30, 2012
|
|||||||
Salaries, bonuses and social security costs
|
20,465 | 17,397 | ||||||
Other benefits and expenses
|
1,362 | 1,003 | ||||||
Share-based payments
|
1,808 | 557 | ||||||
Pension costs – defined contribution plan
|
53 | 120 | ||||||
23,688 | 19,077 |
27.
|
Other operating losses, net
|
September 30, 2013
|
September 30, 2012
|
|||||||
Management fee
|
14 | 516 | ||||||
Gain (loss) from commodity derivative financial instruments
|
807 | (4,281 | ) | |||||
(Loss) gain from disposal of property, plant and equipment
|
(21 | ) | 112 | |||||
Tax on shareholders personal assets
|
(2,712 | ) | (3,019 | ) | ||||
Donations
|
(113 | ) | (85 | ) | ||||
Project analysis and assessment
|
(711 | ) | - | |||||
Others
|
(481 | ) | (193 | ) | ||||
Total other operating expense, net
|
(3,217 | ) | (6,950 | ) |
28.
|
Financial results, net
|
September 30, 2013
|
September 30, 2012
|
|||||||
Finance income:
|
||||||||
- Interest income
|
3,342 | 3,112 | ||||||
- Foreign exchange gains
|
8,821 | 5,655 | ||||||
Finance income
|
12,163 | 8,767 | ||||||
Finance costs:
|
||||||||
- Interest expense
|
(44,491 | ) | (27,874 | ) | ||||
- Foreign exchange losses
|
(102,590 | ) | (27,164 | ) | ||||
- Other finance costs
|
(2,600 | ) | (3,816 | ) | ||||
Finance costs
|
(149,681 | ) | (58,854 | ) | ||||
Other finance results:
|
||||||||
- Fair value gains of financial assets at fair value through profit or loss
|
14,896 | (86 | ) | |||||
- Loss of derivative financial instruments (except commodities)
|
(599 | ) | (36 | ) | ||||
Total other finance results
|
14,297 | (122 | ) | |||||
Total financial results, net
|
(123,221 | ) | (50,209 | ) |
29.
|
Share-based payments
|
30.
|
Related party transactions
|
Related party
|
Description of transaction
|
Trade and other receivables Current
|
Trade and other payables Non-current
|
Trade and other payables Current
|
Borrowings
Non-current
|
Borrowings
Current
|
|||||||||||||||
Subsidiaries
|
|||||||||||||||||||||
IRSA Inversiones y Representaciones S.A.
|
Corporate services
|
4,788 | - | - | - | - | |||||||||||||||
Share-based payments
|
- | - | (559 | ) | - | - | |||||||||||||||
Sale of goods and/or services
|
- | - | (701 | ) | - | - | |||||||||||||||
Reimbursement of expenses
|
1,461 | - | - | - | - | ||||||||||||||||
BrasilAgro
|
Reimbursement of expenses
|
466 | - | - | - | - | |||||||||||||||
Dividends receivable
|
1,891 | - | - | - | - | ||||||||||||||||
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)
|
Reimbursement of expenses
|
32 | - | - | - | - | |||||||||||||||
Sale of goods and/or services
|
8,337 | - | - | - | - | ||||||||||||||||
Helmir S.A.
|
Financial operations
|
21,510 | - | - | - | - | |||||||||||||||
Ombú Agropecuaria S.A.
|
Management fee
|
844 | - | - | - | - | |||||||||||||||
FyO Trading S.A.
|
Reimbursement of expenses
|
4 | - | - | - | - | |||||||||||||||
Agropecuaria Acres del Sud S.A.
|
Management fee
|
1,919 | - | - | - | - | |||||||||||||||
Reimbursement of expenses
|
140 | - | - | - | - | ||||||||||||||||
Agrotech S.A.
|
Reimbursement of expenses
|
71 | - | - | - | - | |||||||||||||||
Cactus Argentina S.A.
|
Reimbursement of expenses
|
152 | - | - | - | - | |||||||||||||||
Financial operations
|
1,592 | - | - | - | - | ||||||||||||||||
Leases
|
3 | - | - | - | - | ||||||||||||||||
Purchase-Sale of goods and/or services
|
- | - | (5,370 | ) | - | - | |||||||||||||||
Management fee
|
19 | - | - | - | - | ||||||||||||||||
Yatay Agropecuaria S.A.
|
Management fee
|
844 | - | - | - | - |
30.
|
Related party transactions (Continued)
|
Related party
|
Description of transaction
|
Trade and other receivables
Non-current
|
Trade and other receivables Current
|
Trade and other payables Current
|
Borrowings
Non-current
|
Borrowings
Current
|
|||||||||||||||
Yuchán Agropecuaria S.A.
|
Management fee
|
844 | - | - | - | - | |||||||||||||||
Futuros y Opciones.Com S.A.
|
Reimbursement of expenses
|
89 | - | - | - | - | |||||||||||||||
Purchase-Sale of goods and/or services
|
12,370 | - | (194 | ) | - | - | |||||||||||||||
Total Subsidiaries
|
57,376 | - | (6,824 | ) | - | - | |||||||||||||||
Associates
|
|||||||||||||||||||||
Agro Managers S.A.
|
Reimbursement of expenses
|
153 | - | - | - | - | |||||||||||||||
Agro-Uranga S.A.
|
Dividends receivables
|
1,413 | - | - | - | - | |||||||||||||||
Purchase-Sale of goods and/or services
|
- | - | (215 | ) | - | - | |||||||||||||||
Total Associates
|
1,566 | - | (215 | ) | - | - | |||||||||||||||
Joint Ventures
|
|||||||||||||||||||||
Cresca S.A.
|
Reimbursement of expenses
|
76 | - | (168 | ) | - | - | ||||||||||||||
Management fee
|
1,835 | - | - | - | - | ||||||||||||||||
Total Joint Ventures
|
1,911 | - | (168 | ) | - | - | |||||||||||||||
Subsidiaries of the subsidiaries
|
|||||||||||||||||||||
Nuevo Puerto Santa Fe
|
Reimbursement of expenses
|
- | - | (1 | ) | - | - | ||||||||||||||
Alto Palermo S.A.
|
Reimbursement of expenses
|
10,825 | - | - | - | - | |||||||||||||||
Share-based payments
|
- | - | (538 | ) | - | - | |||||||||||||||
Corporate services
|
17,749 | - | - | - | - | ||||||||||||||||
Emprendimiento Recoleta S.A.
|
Reimbursement of expenses
|
- | - | (7 | ) | - | - | ||||||||||||||
Non-convertible Notes
|
- | - | - | (5,040 | ) | (7,426 | ) | ||||||||||||||
E-Commerce Latina S.A.
|
Reimbursement of expenses
|
33 | - | - | - | - | |||||||||||||||
Panamerican Mall S.A.
|
Reimbursement of expenses
|
19 | - | - | - | - | |||||||||||||||
Non-convertible Notes
|
- | - | - | (8,960 | ) | (6,463 | ) | ||||||||||||||
Fibesa S.A.
|
Reimbursement of expenses
|
2 | - | - | - | - | |||||||||||||||
Total Subsidiaries of the subsidiaries
|
28,628 | - | (546 | ) | (14,000 | ) | (13,889 | ) |
30.
|
Related party transactions (Continued)
|
Related party
|
Description of transaction
|
Trade and other receivables Current
|
Trade and other payables Non-current
|
Trade and other payables Current
|
Borrowings
Non-current
|
Borrowings
Current
|
|||||||||||||||
Associates of the subsidiaries
|
|||||||||||||||||||||
Tarshop S.A.
|
Reimbursement of expenses
|
2 | - | - | - | - | |||||||||||||||
Total Associates of the subsidiaries
|
2 | - | - | - | - | ||||||||||||||||
Joint Ventures of the subsidiaries
|
|||||||||||||||||||||
Cyrsa S.A.
|
Reimbursement of expenses
|
58 | - | - | - | - | |||||||||||||||
Total Joint Ventures of the subsidiaries
|
58 | - | - | - | - | ||||||||||||||||
Other Related parties
|
|||||||||||||||||||||
Consultores Asset Management S.A. (CAMSA)
|
Advances to be recovered
|
9,342 | - | - | - | - | |||||||||||||||
Reimbursement of expenses
|
89 | - | (3 | ) | - | - | |||||||||||||||
Estudio Zang, Bergel & Viñes
|
Legal services
|
- | - | (230 | ) | - | - | ||||||||||||||
Inversiones Financieras del Sur S.A.
|
Financial operations
|
37,598 | - | - | - | - | |||||||||||||||
Reimbursement of expenses
|
7 | - | - | - | - | ||||||||||||||||
Other Related parties
|
47,036 | - | (233 | ) | - | - | |||||||||||||||
Directors and Senior Management
|
|||||||||||||||||||||
Directors and Senior Management
|
Reimbursement of expenses
|
82 | - | - | - | - | |||||||||||||||
Directors' fees
|
- | (479 | ) | (14,571 | ) | - | - | ||||||||||||||
Total Directors and Senior Management
|
82 | (479 | ) | (14,571 | ) | - | - | ||||||||||||||
136,659 | (479 | ) | (22,557 | ) | (14,000 | ) | (13,889 | ) |
30.
|
Related party transactions (Continued)
|
Related party
|
Description of transaction
|
Trade and other receivables
Non-current
|
Trade and other receivables Current
|
Trade and other payables Current
|
Borrowings
Non-current
|
Borrowings
Current
|
|||||||||||||||
Subsidiaries
|
|||||||||||||||||||||
IRSA Inversiones y Representaciones S.A.
|
Corporate services
|
- | 8,503 | - | - | - | |||||||||||||||
Dividends receivables
|
- | - | - | - | - | ||||||||||||||||
Leases and/or rights of use
|
- | - | - | - | - | ||||||||||||||||
Sale of goods and/or services
|
- | - | (701 | ) | - | - | |||||||||||||||
Reimbursement of expenses
|
- | - | (1,030 | ) | - | - | |||||||||||||||
BrasilAgro
|
Reimbursement of expenses
|
- | 457 | - | - | - | |||||||||||||||
Dividends receivables
|
- | 1,891 | - | - | - | ||||||||||||||||
Sale of goods and/or services
|
- | - | (12 | ) | - | - | |||||||||||||||
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)
|
Reimbursement of expenses
|
- | 25 | (7 | ) | - | - | ||||||||||||||
Sale of goods and/or services
|
- | 4,227 | - | - | - | ||||||||||||||||
Helmir S.A.
|
Financial operations
|
- | 6,755 | - | - | - | |||||||||||||||
Northagro S.A.
|
Reimbursement of expenses
|
- | - | - | - | - | |||||||||||||||
Financial operations
|
- | 288 | - | - | - | ||||||||||||||||
Ombú Agropecuaria S.A.
|
Financial operations
|
28,987 | - | - | - | - | |||||||||||||||
Management fee
|
- | 679 | - | - | - | ||||||||||||||||
Pluriagro S.A.
|
Reimbursement of expenses
|
- | 288 | - | - | - | |||||||||||||||
Financial operations
|
- | - | - | - | - | ||||||||||||||||
FyO Trading S.A.
|
Reimbursement of expenses
|
- | 4 | - | - | - | |||||||||||||||
Agropecuaria Acres del Sud S.A.
|
Financial operations
|
15,417 | - | - | - | - | |||||||||||||||
Management fee
|
- | 1,919 | - | - | - | ||||||||||||||||
Reimbursement of expenses
|
- | 60 | - | - | - | ||||||||||||||||
Agrotech S.A.
|
Reimbursement of expenses
|
- | 66 | - | - | - | |||||||||||||||
Cactus Argentina S.A.
|
Reimbursement of expenses
|
- | 490 | - | - | - | |||||||||||||||
Financial operations
|
- | 1,566 | - | - | - | ||||||||||||||||
Purchase-Sale of goods and/or services
|
- | 1,192 | (916 | ) | - | - | |||||||||||||||
Management fee
|
- | 19 | - | - | - | ||||||||||||||||
Yatay Agropecuaria S.A.
|
Financial operations
|
13,718 | - | - | - | - | |||||||||||||||
Management fee
|
- | 679 | - | - | - |
30.
|
Related party transactions (Continued)
|
Related party
|
Description of transaction
|
Trade and other receivables
Non-current
|
Trade and other receivables Current
|
Trade and other payables Current
|
Borrowings
Non-current
|
Borrowings
Current
|
|||||||||||||||
Yuchán Agropecuaria S.A.
|
Financial operations
|
15,513 | - | - | - | - | |||||||||||||||
Management fee
|
- | 679 | - | - | - | ||||||||||||||||
Futuros y Opciones.Com S.A.
|
Reimbursement of expenses
|
- | 39 | - | - | - | |||||||||||||||
Purchase-Sale of goods and/or services
|
- | 17,361 | (27 | ) | - | - | |||||||||||||||
Total Subsidiaries
|
73,635 | 47,187 | (2,693 | ) | - | - | |||||||||||||||
Associates
|
|||||||||||||||||||||
Agro Managers S.A.
|
Reimbursement of expenses
|
- | 113 | - | - | - | |||||||||||||||
Agro-Uranga S.A.
|
Dividends receivables
|
- | 1,471 | - | - | - | |||||||||||||||
Purchase-Sale of goods and/or services
|
- | 765 | (215 | ) | - | - | |||||||||||||||
Total Associates
|
- | 2,349 | (215 | ) | - | - | |||||||||||||||
Joint Ventures
|
|||||||||||||||||||||
Cresca S.A.
|
Reimbursement of expenses
|
- | 49 | (157 | ) | - | - | ||||||||||||||
Management fee
|
- | 1,693 | - | - | - | ||||||||||||||||
Total Joint Ventures
|
- | 1,742 | (157 | ) | - | - | |||||||||||||||
Subsidiaries of the subsidiaries
|
|||||||||||||||||||||
Nuevo Puerto Santa Fe
|
Reimbursement of expenses
|
- | - | (1 | ) | - | - | ||||||||||||||
Nuevas Fronteras S.A.
|
Service provider
|
- | - | (2 | ) | - | - | ||||||||||||||
Alto Palermo S.A.
|
Reimbursement of expenses
|
- | 11,679 | - | - | - | |||||||||||||||
Financial operations
|
- | - | (537 | ) | - | - | |||||||||||||||
Corporate services
|
- | 24,176 | - | - | - | ||||||||||||||||
Emprendimiento Recoleta S.A.
|
Reimbursement of expenses
|
- | - | (7 | ) | - | - | ||||||||||||||
Non-convertible Notes
|
- | - | - | (5,040 | ) | (8,254 | ) | ||||||||||||||
Panamerican Mall S.A.
|
Non-convertible Notes
|
- | - | - | (8,960 | ) | (8,402 | ) | |||||||||||||
Tyrus
|
Reimbursement of expenses
|
- | 23 | - | - | - | |||||||||||||||
Fibesa S.A.
|
Reimbursement of expenses
|
- | 1 | - | - | - | |||||||||||||||
Total Subsidiaries of the subsidiaries
|
- | 35,879 | (547 | ) | (14,000 | ) | (16,656 | ) |
30.
|
Related party transactions (Continued)
|
Related party
|
Description of transaction
|
Trade and other receivables
Non-current
|
Trade and other receivables Current
|
Trade and other payables Current
|
Borrowings
Non-current
|
Borrowings
Current
|
|||||||||||||||
Joint Ventures of the subsidiaries
|
|||||||||||||||||||||
Cyrsa S.A.
|
Reimbursement of expenses
|
- | 5,955 | - | - | - | |||||||||||||||
Total Joint Ventures of the subsidiaries
|
- | 5,955 | - | - | - | ||||||||||||||||
Other Related parties
|
|||||||||||||||||||||
Consultores Asset Management S.A. (CAMSA)
|
Management fee
|
- | 9,342 | - | - | - | |||||||||||||||
Reimbursement of expenses
|
- | 89 | (2 | ) | - | - | |||||||||||||||
Estudio Zang, Bergel & Viñes
|
Legal services
|
- | - | (419 | ) | - | - | ||||||||||||||
Sale of goods and/or services
|
- | - | - | - | - | ||||||||||||||||
Inversiones Financieras del Sur S.A.
|
Financial operations
|
- | 34,669 | - | - | - | |||||||||||||||
Reimbursement of expenses
|
- | 7 | - | - | - | ||||||||||||||||
Total Other Relates Parties
|
- | 44,107 | (421 | ) | - | - | |||||||||||||||
Directors and Senior Management
|
|||||||||||||||||||||
Directors
|
Reimbursement of expenses
|
- | 81 | (30 | ) | - | - | ||||||||||||||
Advances to directors
|
- | 1,204 | (1,746 | ) | - | - | |||||||||||||||
Total Directors and Senior Management
|
- | 1,285 | (1,776 | ) | - | - | |||||||||||||||
73,635 | 138,504 | (5,809 | ) | (14,000 | ) | (16,656 | ) |
30.
|
Related party transactions (Continued)
|
Related party
|
Leases and/or rights of use
|
Directors/ Management fee
|
Sale of goods and/or services
|
Purchase of agricultural goods and/or services
|
Corporate services
|
Legal services
|
Financial operations
|
|||||||||||||||||||||
Subsidiaries
|
||||||||||||||||||||||||||||
IRSA Inversiones y Representaciones S.A.
|
(316 | ) | - | - | - | 7,606 | - | - | ||||||||||||||||||||
Cactus Argentina S.A.
|
- | - | - | (3,919 | ) | - | - | 26 | ||||||||||||||||||||
Futuros y Opciones.Com S.A.
|
- | 29 | - | - | - | - | (461 | ) | ||||||||||||||||||||
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)
|
- | - | 6,979 | - | - | - | - | |||||||||||||||||||||
Helmir S.A.
|
- | - | - | - | - | - | 761 | |||||||||||||||||||||
Agrotech S.A.
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Agropecuaria Acres del Sud S.A.
|
- | - | - | - | - | - | 1,489 | |||||||||||||||||||||
Ombú Agropecuaria S.A.
|
- | 166 | - | - | - | - | 2,779 | |||||||||||||||||||||
Yuchán Agropecuaria S.A.
|
- | 166 | - | - | - | - | 1,473 | |||||||||||||||||||||
Yatay Agropecuaria S.A.
|
- | 166 | - | - | - | - | 1,316 | |||||||||||||||||||||
Total Subsidiaries
|
(316 | ) | 527 | 6,979 | (3,919 | ) | 7,606 | - | 7,383 | |||||||||||||||||||
Associates
|
||||||||||||||||||||||||||||
Agro-Uranga S.A.
|
- | - | - | 1,886 | - | - | - | |||||||||||||||||||||
Total Associates
|
- | - | 1,886 | - | - | - | ||||||||||||||||||||||
Joint Ventures
|
||||||||||||||||||||||||||||
Cresca S.A.
|
- | 14 | - | - | - | - | - | |||||||||||||||||||||
Total Joint Ventures
|
- | 14 | - | - | - | - | - | |||||||||||||||||||||
Subsidiaries of the subsidiaries
|
||||||||||||||||||||||||||||
Emprendimiento Recoleta S.A.
|
- | - | - | - | - | - | (853 | ) | ||||||||||||||||||||
Panamerican Mall S.A.
|
- | - | - | - | - | - | (915 | ) | ||||||||||||||||||||
Alto Palermo S.A.
|
- | - | - | - | 20,245 | - | - | |||||||||||||||||||||
Total Subsidiaries of the subsidiaries
|
- | - | - | - | 20,245 | - | (1,768 | ) |
Related party
|
Leases and/or rights of use
|
Directors/ Management fee
|
Sale of goods and/or services
|
Purchase of agricultural goods and/or services
|
Corporate services
|
Legal services
|
Financial operations
|
|||||||||||||||||||||
Other related parties
|
||||||||||||||||||||||||||||
Estudio Zang, Bergel & Viñes
|
- | - | - | - | - | (36 | ) | - | ||||||||||||||||||||
Inversiones Financieras del Sur S.A.
|
- | - | - | - | - | - | 3,373 | |||||||||||||||||||||
Hamonet S.A.
|
(28 | ) | - | - | - | - | - | - | ||||||||||||||||||||
Isaac Elsztain e Hijos S.C.A.
|
(52 | ) | - | - | - | - | - | - | ||||||||||||||||||||
Employees
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Total other related parties
|
(80 | ) | - | - | - | - | (36 | ) | 3,373 | |||||||||||||||||||
Directors and Senior Management
|
||||||||||||||||||||||||||||
Directors and Senior Management
|
- | (15,216 | ) | - | - | - | - | - | ||||||||||||||||||||
Total directors and Senior Management
|
- | (15,216 | ) | - | - | - | - | - | ||||||||||||||||||||
(396 | ) | (14,675 | ) | 6,979 | (2,033 | ) | 27,851 | (36 | ) | 8,988 |
Related party
|
Leases and/or rights of use
|
Directors/ Management fee
|
Sale of goods and/or services
|
Purchase of goods and/or services
|
Corporate services
|
Remuneration of the board of Directors
|
Legal services
|
Financial operations
|
||||||||||||||||||||||||
Subsidiaries
|
||||||||||||||||||||||||||||||||
IRSA Inversiones y Representaciones S.A.
|
(206 | ) | - | - | - | 6,159 | - | - | - | |||||||||||||||||||||||
Cactus Argentina S.A.
|
6 | 24 | 135 | (265 | ) | - | - | - | 27 | |||||||||||||||||||||||
Futuros y Opciones.Com S.A.
|
- | - | - | - | - | - | - | (585 | ) | |||||||||||||||||||||||
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)
|
- | - | 535 | - | - | - | - | - | ||||||||||||||||||||||||
Helmir S.A.
|
- | - | - | - | - | - | - | 360 | ||||||||||||||||||||||||
Agrotech S.A.
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Agropecuaria Acres del Sud S.A.
|
- | - | - | - | - | - | - | 297 | ||||||||||||||||||||||||
Ombú Agropecuaria S.A.
|
- | 81 | - | - | - | - | - | 580 | ||||||||||||||||||||||||
Yuchán Agropecuaria S.A.
|
- | 81 | - | - | - | - | - | 313 | ||||||||||||||||||||||||
Yatay Agropecuaria S.A.
|
- | 81 | - | - | - | - | - | 276 | ||||||||||||||||||||||||
Total Subsidiaries
|
(200 | ) | 267 | 670 | (265 | ) | 6,159 | - | - | 1,268 | ||||||||||||||||||||||
Associates
|
||||||||||||||||||||||||||||||||
Agro-Uranga S.A.
|
- | - | 488 | - | - | - | - | - | ||||||||||||||||||||||||
Total Associates
|
- | - | 488 | - | - | - | - | - | ||||||||||||||||||||||||
Joint Ventures
|
||||||||||||||||||||||||||||||||
Cresca S.A.
|
- | 492 | - | - | - | - | - | - | ||||||||||||||||||||||||
Total Joint Ventures
|
- | 492 | - | - | - | - | - | - | ||||||||||||||||||||||||
Subsidiaries of the subsidiaries
|
||||||||||||||||||||||||||||||||
Emprendimiento Recoleta S.A.
|
- | - | - | - | - | - | (546 | ) | ||||||||||||||||||||||||
Panamerican Mall S.A.
|
- | - | - | - | - | - | (822 | ) | ||||||||||||||||||||||||
Alto Palermo S.A.
|
- | - | - | - | (16,597 | ) | - | - | - | |||||||||||||||||||||||
Total Subsidiaries of the subsidiaries
|
- | - | - | - | (16,597 | ) | - | - | (1,368 | ) |
Related party
|
Leases and/or rights of use
|
Directors/ Management fee
|
Sale of goods and/or services
|
Purchase of goods and/or services
|
Corporate Services
|
Remuneration of the board of Directors
|
Legal Services
|
Financial operations
|
||||||||||||||||||||||||
Other related parties
|
||||||||||||||||||||||||||||||||
Estudio Zang, Bergel & Viñes
|
- | - | - | - | - | - | (281 | ) | - | |||||||||||||||||||||||
Inversiones Financieras del Sur S.A.
|
- | - | - | - | - | - | - | 844 | ||||||||||||||||||||||||
Employees
|
- | - | - | - | - | - | - | 392 | ||||||||||||||||||||||||
Total other related parties
|
- | - | - | - | - | - | (281 | ) | 1,236 | |||||||||||||||||||||||
Directors and Senior Management
|
||||||||||||||||||||||||||||||||
Directors and Senior Management
|
- | (387 | ) | - | - | - | - | - | - | |||||||||||||||||||||||
Total directors and Senior Management
|
- | (387 | ) | - | - | - | - | - | - | |||||||||||||||||||||||
(200 | ) | 372 | 1,158 | (265 | ) | (10,438 | ) | - | (281 | ) | 1,136 |
31.
|
Negative working capital
|
1.
|
Specific and significant legal systems that imply contingent lapsing or rebirth of benefits envisaged by such provisions
|
2.
|
Significant changes in the Company´s activities or other similar circumstances that occurred during the fiscal years included in the financial statements, which affect their comparison with financial statements filed in previous fiscal years, or that could affect those to be filed in future fiscal years
|
3.
|
Receivables and liabilities by maturity date
|
Falling due
(Point 3.a.)
|
Without term (Point 3.b.)
|
Without term (Point 3.b.)
|
To be due (Point 3.c.)
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||
Items
|
09.30.13 |
Current
|
Non-current
|
Up to 3 months
|
From 3 to 6
months
|
From 6 to 9
months
|
From 9 to 12
months
|
From 1 to 2
years
|
From 2 to 3
years
|
From 3 to 4
years
|
From 4 years on
|
||||||||||||||||||||||||||||||||||||||
Accounts receivables
|
Trade and other receivables
|
- | 20,51 | - | 187,476 | - | - | 60,697 | - | - | - | - | 268,683 | ||||||||||||||||||||||||||||||||||||
Deferred income tax
|
- | 1,774 | 148,534 | - | - | - | - | - | - | - | - | 150,308 | |||||||||||||||||||||||||||||||||||||
Total
|
- | 22,284 | 148,534 | 187,476 | - | - | 60,697 | - | - | - | - | 418,991 | |||||||||||||||||||||||||||||||||||||
Liabilities
|
Trade and other payables
|
- | - | - | 150,189 | 2 | - | - | 870 | 305 | 305 | 407 | 152,078 | ||||||||||||||||||||||||||||||||||||
Borrowings
|
- | - | - | 135,895 | 121,318 | 156,781 | 525,57 | 563,454 | 17,587 | 15,042 | 251,554 | 1,787,201 | |||||||||||||||||||||||||||||||||||||
Payroll and social security liabilities
|
- | - | - | 17,079 | - | 8,049 | 6,427 | - | - | - | - | 31,555 | |||||||||||||||||||||||||||||||||||||
Provisions
|
- | 8 | 1,617 | - | - | - | - | - | - | - | - | 1,625 | |||||||||||||||||||||||||||||||||||||
Total
|
- | 8 | 1,617 | 303,163 | 121,32 | 164,83 | 531,997 | 564,324 | 17,892 | 15,347 | 251,961 | 1,972,459 |
4.a.
|
Breakdown of accounts receivable and liabilities by currency and maturity
|
|
Current
|
Non-current
|
Totals
|
||||||||||||||||||||||||||||||||||
Items
|
Local currency
|
Foreign currency
|
Total
|
Local currency
|
Foreign currency
|
Total
|
Local currency
|
Foreign currency
|
Total
|
||||||||||||||||||||||||||||
Accounts receivables
|
Trade and other receivables
|
183,469 | 85,214 | 268,683 | - | - | - | 183,469 | 85,214 | 268,683 | |||||||||||||||||||||||||||
Income tax credit and Deferred income tax
|
1,774 | - | 1,774 | 148,534 | - | 148,534 | 150,308 | - | 150,308 | ||||||||||||||||||||||||||||
Total
|
185,243 | 85,214 | 270,457 | 148,534 | - | 148,534 | 333,777 | 85,214 | 418,991 | ||||||||||||||||||||||||||||
Liabilities
|
Trade and other payables
|
149,027 | 1,164 | 150,191 | 1,887 | - | 1,887 | 150,914 | 1,164 | 152,078 | |||||||||||||||||||||||||||
Borrowings
|
230,558 | 709,006 | 939,564 | 121,026 | 726,611 | 847,637 | 351,584 | 1,435,617 | 1,787,201 | ||||||||||||||||||||||||||||
Payroll and social security liabilities
|
31,555 | - | 31,555 | - | - | - | 31,555 | - | 31,555 | ||||||||||||||||||||||||||||
Provisions
|
8 | - | 8 | 1,617 | - | 1,617 | 1,625 | - | 1,625 | ||||||||||||||||||||||||||||
Total
|
411,148 | 710,17 | 1,121,318 | 124,53 | 726,611 | 851,141 | 535,678 | 1,436,781 | 1,972,459 |
4.b.
|
Breakdown of accounts receivable and liabilities by adjustment clause
|
4.c.
|
Breakdown of accounts receivable and liabilities by interest clause
|
Current
|
Non-current
|
||||||||||||||||||||||||||||||||||||||||||||||||
Description
|
Accruing interest
|
Non-accruing interest
|
Subtotal
|
Accruing interest
|
Non-accruing interest
|
Subtotal
|
Accruing interest
|
Non
Accruing interest |
Total
|
||||||||||||||||||||||||||||||||||||||||
Fixed
|
Floating
|
Fixed
|
Floating
|
Fixed
|
Floating
|
||||||||||||||||||||||||||||||||||||||||||||
Accounts receivables
|
Trade and other receivables
|
60,596 | 101 | 207,986 | 268,683 | - | - | - | - | 60,596 | 101 | 207,986 | 268,683 | ||||||||||||||||||||||||||||||||||||
Income tax credit and deferred income tax
|
- | - | 1,774 | 1,774 | - | - | 148,534 | 148,534 | - | - | 150,308 | 150,308 | |||||||||||||||||||||||||||||||||||||
Total
|
60,596 | 101 | 209,76 | 270,457 | - | - | 148,534 | 148,534 | 60,596 | 101 | 358,294 | 418,991 | |||||||||||||||||||||||||||||||||||||
Liabilities
|
Trade and other payables
|
- | - | 150,191 | 150,191 | - | - | 1,887 | 1,887 | - | - | 152,078 | 152,078 | ||||||||||||||||||||||||||||||||||||
Borrowings
|
783,728 | 153,211 | 2,625 | 939,564 | 679,145 | 171,876 | (3,384 | ) | 847,637 | 1,462,873 | 325,087 | -759 | 1,787,201 | ||||||||||||||||||||||||||||||||||||
Payroll and social security liabilities
|
- | - | 31,555 | 31,555 | - | - | - | - | - | - | 31,555 | 31,555 | |||||||||||||||||||||||||||||||||||||
Provisions
|
- | - | 8 | 8 | - | - | 1,617 | 1,617 | - | - | 1,625 | 1,625 | |||||||||||||||||||||||||||||||||||||
Total
|
783,728 | 153,211 | 184,379 | 1,121,318 | 679,145 | 171,876 | 120 | 851,141 | 1,462,873 | 325,087 | 184,499 | 1,972,459 |
5.
|
Related parties
|
a.
|
Interest in related parties
|
Name of the entity
|
Place of business / country of incorporation
|
Principal activity
(*)
|
% of ownership interest held by the Group
|
|||
Direct equity interest:
|
||||||
Agrotech S.A.
|
Argentina
|
Investment
|
95 | % | ||
BrasilAgro-Companhía Brasileira de Propiedades Agrícolas (1)
|
Brazil
|
Agricultural
|
39.69 | % | ||
Sedelor S.A.
|
Uruguay
|
Investment
|
100 | % | ||
Doneldon S.A.
|
Uruguay
|
Investment
|
100 | % | ||
Codalis S.A.
|
Uruguay
|
Investment
|
100 | % | ||
Alafox S.A.
|
Uruguay
|
Investment
|
100 | % | ||
Cactus Argentina S.A.
|
Argentina
|
Agro-industrial
|
95.07 | % | ||
Futuros y Opciones.Com S.A.
|
Argentina
|
Brokerage
|
60.50 | % | ||
Helmir S.A.
|
Uruguay
|
Investment
|
100.00 | % | ||
IRSA
|
Argentina
|
Real estate
|
64.58 | % |
b.
|
Related parties debit / credit balances. See Note 30.
|
6.
|
Loans to directors
|
7.
|
Inventories
|
8.
|
Current values
|
9.
|
Appraisal revaluation of property, plant and equipment
|
10.
|
Obsolete unused property, plant and equipment
|
11.
|
Equity interest in other companies in excess of that permitted by section 31 of law N° 19,550
|
12.
|
Recovery values
|
13.
|
Insurances
|
Insured property
|
Risk covered
|
Amount insured
Ps.
|
Book value
Ps.
|
||||||
Buildings, machinery, silos, installation and furniture and equipment
|
Theft, fire and technical insurance
|
324,463 | 8,459 | ||||||
Vehicles
|
Third parties, theft, fire and civil liability
|
9,726 | 3,035 |
14.
|
Allowances and provisions that, taken individually or as a whole, exceed 2% of the shareholder´s equity
|
15.
|
Contingent situations at the date of the financial statements which probabilities are not remote and the effects on the Company´s financial position have not been recognized
|
16.
|
Status of the proceedings leading to the capitalization of irrevocable contributions towards future subscriptions
|
|
Not applicable.
|
17.
|
Unpaid accumulated dividends on preferred shares
|
|
None.
|
18.
|
Restrictions on distributions of profits
|
09.30.13 | 06.30.13 | |||||||
Non-current Assets
|
9,863,796 | 9,122,489 | ||||||
Current Assets
|
2,804,629 | 3,288,236 | ||||||
Non-current Liabilities
|
4,978,421 | 5,026,809 | ||||||
Current Liabilities
|
2,912,519 | 2,664,850 | ||||||
Minority interest
|
2,310,410 | 2,231,096 | ||||||
Shareholders' Equity
|
4,777,485 | 4,719,066 |
(1)
|
Amounts have not been revised to account for the adjustments to retained earnings following the recognition of deferred income taxes as indicated in Note 2.r to the Unaudited Financial Statements.
|
09.30.13 | 06.30.13 | |||||||
Other operating results, net
|
(4,718 | ) | 92,332 | |||||
Operating results
|
161,649 | 1,106,361 | ||||||
Financial results, net
|
(334,412 | ) | (908,761 | ) | ||||
Share of profit / (loss) of associates and joint ventures
|
38,366 | (9,818 | ) | |||||
(Loss) / profit before Income tax
|
(134,397 | ) | 187,782 | |||||
Income tax expense
|
45,382 | (33,519 | ) | |||||
(Loss) / profit for the period
|
(89,015 | ) | 154,263 | |||||
Attributable to:
|
||||||||
Equity holders of the parent
|
(97,849 | ) | (26,907 | ) | ||||
Non-controlling interest
|
8,834 | 181,170 |
Three-month period ended
September 30, 2013
|
Accumulated
July 1, 2013 to September 30, 2013
|
|||||||
Beef Cattle (in tons)
|
1,664 | 1,664 | ||||||
Butyraceous (in tons)
|
207 | 207 | ||||||
Crops (in tons)
|
545,461 | 545,461 |
Three-month period ended
September 30, 2013
|
Accumulated
July 1, 2013 to September 30, 2013
|
|||||||
Beef Cattle (in tons)
|
4,005 | 4,005 | ||||||
Butyraceous (in tons)
|
207 | 207 | ||||||
Crops (in tons)
|
660,332 | 660,332 |
Three-month period ended
September 30, 2013
|
Accumulated
July 1, 2013 to September 30, 2013
|
|||||||
Beef Cattle (in tons)
|
4,005 | 4,005 | ||||||
Butyraceous (in tons)
|
207 | 207 | ||||||
Crops (in tons)
|
660,332 | 660,332 |
1.
|
We have reviewed the accompanying unaudited condensed interim separate statement of financial position of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria as of September 30, 2013, and the related unaudited condensed interim separate statements of income and comprehensive income for the three month period ended September 30, 2013, and the unaudited condensed interim separate statements of changes in shareholders’ equity and cash flows for the three-month period ended September 30, 2013 and selected explanatory notes. The balances and other information corresponding to the fiscal year ended June 30, 2013 and the interim periods within that fiscal year are an integral part of these financial statements and, therefore, they should be considered in relation to these financial statements.
|
2.
|
The Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim separate financial statements in accordance with professional accounting standards of Technical Resolution No. 26 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) added by the National Securities Commission (CNV) to its regulations. Those standards differ from the International Financial Reporting Standards (IFRS) and, especially, from the International Accounting Standard No 34 "Interim Financial Reporting" (IAS 34) approved by the International Accounting Standard Board (IASB) and used for the preparation of the unaudited condensed interim consolidated financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria. Our responsibility is to express a conclusion based on the review that we have performed with the scope detailed in paragraph 3.
|
3.
|
We conducted our review in accordance with Technical Resolution No. 7 issued by the FACPCE for a review of interim financial statements. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit, the objective of which is to express an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
|
4.
|
Nothing came to our attention as a result of our review that caused us to believe that these unaudited condensed interim separate financial statements have not been prepared in all material respects in accordance with Technical Pronouncement No. 26 of the FACPCE for separate financial statements of a parent company.
|
5.
|
In accordance with current regulations, we hereby inform that :
|
a)
|
the unaudited condensed interim separate financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria are recorded in the "Inventory and Balance Sheet Book" and carried in all formal respects in conformity with legal requirements, and comply, as regards those matters that are within our competence, with the provisions set forth in the Commercial Companies Law and the corresponding resolutions of the National Securities Commission;
|
b)
|
the unaudited condensed interim separate financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria arise from accounting records carried in all formal respects in accordance with applicable legal provisions;
|
c)
|
we have read the Additional Information to the notes to the unaudited condensed interim separate financial statements required by Article 68 of the Buenos Aires Stock Exchange Regulations, on which, as regards those matters that are within our competence, we have no observations to make;
|
d)
|
at September 30, 2013, the debt of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria owed in favor of the Argentine Integrated Pension System which arises from accounting records and submissions amounted to Ps. 7,024,038, which was not callable at that date.
|
PRICE WATERHOUSE & Co. S.R.L.
(Partner)
C.P.C.E.C.A.B.A. Tº 1 Fº 17
Dr. Carlos Martín Barbafina
Public Accountant (U.C.A.)
C.P.C.E.C.A.B.A. Tº 175 Fº 65
|
IQ 2014
|
IQ 2013
|
YoY var
|
FY 2013
|
FY 2012
|
YoY var
|
|||||||||||||||||||
Revenues
|
1,126.0 | 750.0 | 50.1 | % | 3,528.6 | 2,859.8 | 23.4 | % | ||||||||||||||||
Costs
|
-885.9 | -640.7 | 38.3 | % | -3,120.5 | -2,464.2 | 26.6 | % | ||||||||||||||||
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
|
126.3 | 188.7 | -33.1 | % | 886.7 | 700.9 | 26.5 | % | ||||||||||||||||
Changes in the net realizable value of agricultural produce after harvest
|
-8.0 | 23.2 | - | 11.8 | 2.7 | 332.2 | % | |||||||||||||||||
Gross Income
|
358.4 | 321.1 | 11.6 | % | 1,306.5 | 1,099.3 | 18.9 | % | ||||||||||||||||
Gain from disposal of investment properties
|
- | 29.5 | -100.0 | % | 178.0 | 116.7 | 52.6 | % | ||||||||||||||||
Gain from disposal of farmlands
|
- | - | - | 149.6 | 45.5 | 228.8 | % | |||||||||||||||||
General and administrative expenses
|
-111.2 | -76.9 | 44.7 | % | -342.5 | -312.0 | 9.8 | % | ||||||||||||||||
Selling expenses
|
-80.9 | -60.4 | 33.9 | % | -277.6 | -200.5 | 38.5 | % | ||||||||||||||||
Management fee
|
- | - | - | - | -8.7 | -100.0 | % | |||||||||||||||||
Other operating results, net
|
-4.7 | -36.8 | -87.2 | % | 92.3 | -93.4 | - | |||||||||||||||||
Operating Income
|
161.6 | 176.5 | -8.5 | % | 1,106.4 | 647.0 | 71.0 | % | ||||||||||||||||
Share of profit / (loss) of associates and joint ventures
|
38.4 | 15.7 | 143.7 | % | -9.8 | 2.8 | - | |||||||||||||||||
Income before financial income / (loss) and income tax
|
199.9 | 192.2 | 4.0 | % | 1,096.5 | 649.8 | 68.8 | % | ||||||||||||||||
Financial results, net
|
-334.4 | -168.5 | 98.4 | % | -908.8 | -575.2 | 58.0 | % | ||||||||||||||||
Income / (loss) before income tax
|
-134.5 | 23.7 | - | 187.8 | 74.5 | 152.0 | % | |||||||||||||||||
Income tax expense
|
45.4 | -15.7 | - | -33.5 | -16.0 | 109.1 | % | |||||||||||||||||
Net income / (loss)
|
-89.1 | 8.0 | - | 154.3 | 58.5 | 163.8 | % | |||||||||||||||||
Attributable to:
|
||||||||||||||||||||||||
Equity holders of the parent Company
|
-97.8 | -16.5 | 492.4 | % | -26.9 | -21.3 | 26.2 | % | ||||||||||||||||
Non-controlling interest
|
8.8 | 24.5 | -64.0 | % | 181.2 | 79.8 | 127.0 | % |
►
|
During this quarter our revenues were 50.1% higher than in the same period of the previous fiscal year. This was mainly due to a 88.4% increase in the agricultural segment, explained by higher sales of grains, sugarcane, beef cattle and milk, along with a 19.8% increase in revenues from the urban segment.
|
►
|
Gross income rose 11.6% thanks to a 31.1% increase in the urban segment, offset by a drop of 59.5% in gross income from the agricultural segment, mainly grains, sugarcane and beef cattle, which recorded a decrease in the fair value of biological assets. The slight increase in gross income, coupled with the higher selling and administrative expenses, led to a decrease in operating income attributable to the agricultural segment, as the urban segment showed better operating results.
|
►
|
The strong depreciation experienced during the past year had a negative impact on our financial income / (loss), net, which went down from a loss of ARS 168.5 million in 1Q13 to a loss of ARS 334.4 million during this period.
|
►
|
Therefore, a net loss of ARS 89.1 million was recorded, out of which a loss of ARS 97.8 million is attributable to Cresud’s shareholders.
|
IQ 2014
|
IQ 2013
|
Variation
|
||||||||||||||||||||||||||||||||||
Agri1
|
Urban2
|
Total
|
Agri
|
Urban
|
Total
|
Agri
|
Urban
|
Total
|
||||||||||||||||||||||||||||
Revenues
|
506.2 | 638.4 | 1,144.6 | 268.8 | 532.7 | 801.5 | 88.3 | % | 19.8 | % | 42.8 | % | ||||||||||||||||||||||||
Costs
|
-592.4 | -307.7 | -900.1 | -401.6 | -280.4 | -682.0 | 47.5 | % | 9.7 | % | 32.0 | % | ||||||||||||||||||||||||
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
|
126.6 | - | 126.6 | 189.6 | - | 189.6 | -33.2 | % | - | -33.2 | % | |||||||||||||||||||||||||
Changes in the net realizable value of agricultural produce after harvest
|
-8.0 | - | -8.0 | 23.2 | - | 23.2 | - | - | - | |||||||||||||||||||||||||||
Gross income
|
32.4 | 330.7 | 363.1 | 80.0 | 252.3 | 332.4 | -59.5 | % | 31.1 | % | 9.2 | % | ||||||||||||||||||||||||
Gain from disposal of investment properties
|
- | - | - | - | 29.5 | 29.5 | - | -100.0 | % | -100.0 | % | |||||||||||||||||||||||||
General and administrative expenses
|
-53.2 | -58.7 | -111.9 | -34.3 | -44.0 | -78.3 | 55.3 | % | 33.4 | % | 43.0 | % | ||||||||||||||||||||||||
Selling expenses
|
-50.3 | -31.8 | -82.1 | -37.1 | -27.3 | -64.4 | 35.7 | % | 16.4 | % | 27.5 | % | ||||||||||||||||||||||||
Other operating results, net
|
4.7 | -10.2 | -5.6 | -28.0 | -9.4 | -37.3 | - | 9.1 | % | -85.1 | % | |||||||||||||||||||||||||
Operating Income / (Loss)
|
-66.5 | 230.0 | 163.5 | -19.3 | 201.1 | 181.8 | 245.0 | % | 14.3 | % | -10.1 | % | ||||||||||||||||||||||||
Share of profit of associates and joint ventures
|
0.0 | 34.4 | 34.4 | 1.4 | 13.0 | 14.5 | -99.9 | % | 163.4 | % | 137.8 | % | ||||||||||||||||||||||||
Segment Income / (Loss)
|
-66.5 | 264.3 | 197.9 | -17.9 | 214.1 | 196.3 | 272.2 | % | 23.4 | % | 0.8 | % |
in ARS MM
|
IQ 2014
|
IQ 2013
|
YoY var
|
FY 2013
|
FT 2012
|
YoY var
|
||||||||||||||||||
Revenues
|
271.1 | 155.9 | 73.9 | % | 750.2 | 636.1 | 17.9 | % | ||||||||||||||||
Costs
|
-295.3 | -231.1 | 27.8 | % | -1,227.8 | -1,051.9 | 16.7 | % | ||||||||||||||||
Initial recognition and changes in the fair value of biological assets and agricultural produce at point of harvest
|
63.3 | 108.3 | -41.6 | % | 572.1 | 513.4 | 11.4 | % | ||||||||||||||||
Changes in the net realizable value of agricultural produce after harvest
|
-8.0 | 23.3 | - | 11.8 | 2.5 | 379.7 | % | |||||||||||||||||
Gross income
|
31.0 | 56.4 | -45.0 | % | 106.2 | 100.1 | 6.1 | % | ||||||||||||||||
General and administrative expenses
|
-26.3 | -16.9 | 55.3 | % | -87.7 | -86.8 | 1.1 | % | ||||||||||||||||
Selling expenses
|
-32.4 | -31.3 | 3.5 | % | -115.0 | -88.4 | 30.1 | % | ||||||||||||||||
Other operating results, net
|
5.3 | -26.4 | - | -11.2 | -58.1 | -80.6 | % | |||||||||||||||||
Operating Income / (Loss)
|
-22.3 | -18.2 | 22.6 | % | -107.7 | -133.1 | -19.1 | % | ||||||||||||||||
Share of profit /(loss) of associates and joint ventures
|
-0.0 | 0.9 | - | 8.1 | 6.0 | 34.9 | % | |||||||||||||||||
Segment Income / (Loss)
|
-22.3 | -17.3 | 29.0 | % | -99.6 | -127.1 | -21.7 | % |
In ARS MM
|
IQ 2014
|
IQ 2013
|
YoY var
|
FY 2013
|
FY 2012
|
YoY var
|
||||||||||||||||||
Revenues
|
66.7 | 42.2 | 58.2 | % | 160.3 | 98.9 | 62.1 | % | ||||||||||||||||
Costs
|
-107.1 | -82.0 | 30.7 | % | -302.2 | -167.9 | 80.0 | % | ||||||||||||||||
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
|
41.0 | 60.3 | -32.1 | % | 197.3 | 82.3 | 139.9 | % | ||||||||||||||||
Changes in the fair value of agricultural produce after harvest
|
- | - | - | - | - | - | ||||||||||||||||||
Gross income
|
0.6 | 20.6 | -97.0 | % | 55.4 | 13.2 | 319.1 | % | ||||||||||||||||
General and administrative expenses
|
-10.7 | -7.9 | 34.9 | % | -24.2 | -19.4 | 24.4 | % | ||||||||||||||||
Selling expenses
|
-0.3 | -0.0 | 5550.0 | % | -4.0 | - | - | |||||||||||||||||
Other operating results, net
|
- | -0.0 | -100.0 | % | -0.0 | -0.0 | 125.0 | % | ||||||||||||||||
Operating Income / (Loss)
|
-10.5 | 12.6 | - | 27.2 | -6.2 | - | ||||||||||||||||||
Share of profit /(loss) of associates and joint ventures
|
- | - | - | - | - | - | ||||||||||||||||||
Segment Income / (Loss)
|
-10.5 | 12.6 | - | 27.2 | -6.2 | - |
Production
|
Sales
|
|||||||||||||||||||||||
In tons
|
IQ 2014
|
IQ 2013
|
YoY var
|
IQ 2014
|
IQ 2013
|
YoY var
|
||||||||||||||||||
Corn
|
5,381 | 4,642 | 15.9 | % | 138,326 | 102,257 | 35.3 | % | ||||||||||||||||
Soybean
|
- | - | - | 52,809 | 27,657 | 90.9 | % | |||||||||||||||||
Wheat
|
- | 657 | -100.0 | % | 211 | 4,321 | -95.1 | % | ||||||||||||||||
Sorghum
|
3,255 | 3,855 | -15.6 | % | 2,450 | 3,518 | -30.4 | % | ||||||||||||||||
Sunflower
|
- | - | - | 5,741 | 1,671 | 243.5 | % | |||||||||||||||||
Other
|
- | 2,358 | -100.0 | % | 5,517 | 6,579 | -16.2 | % | ||||||||||||||||
Total Grains and Other Production
|
8,636 | 11,512 | -25.0 | % | 205,053 | 146,003 | 40.4 | % | ||||||||||||||||
Sugarcane
|
437,407 | 420,214 | 4.1 | % | 396,309 | 355,616 | 11.4 | % | ||||||||||||||||
Total Agricultural Production
|
446,044 | 431,726 | 3.3 | % | 601,362 | 501,619 | 19.9 | % |
►
|
During this quarter there was a fall in production amounts of grains caused by lower yields in our farms of Bolivia. We have still not started coarse crop harvesting in those farms or planting activities for most of our crops in Argentina, Bolivia and Brazil. Sales of grains were 40.4% higher as the past season was better than the former one, leading to higher amounts of soybean and corn available for sale.
|
►
|
Gross income from the Grains segment for this period shows a fall compared to the same quarter of the previous fiscal year. This is explained mainly by the lower fair value recognized and net realizable value of agricultural produce, as in the past season we had calculated higher yields which turned out to be lower and had to be offset during this quarter.
|
►
|
The fall in Gross income was offset by an increase in Other operating income / (loss), net, originated in forward transactions which, despite their adverse impact, generated lower losses in the segment, and derive from our subsidiary Brasilagro, which recorded a profit of approximately ARS 8.2 million in such transactions, and from our operations in Argentina, which posted income for ARS 0.8 million. These items had totaled a loss of ARS 24.5 million during the same period of fiscal year 2013.
|
►
|
Due to the lower gross income and stable administrative and selling expenses, loss from this segment totaled ARS 22.3 million.
|
►
|
The drop in Gross income in the sugarcane segment reflected the fact that in the production of both Bolivia and Brazil, we changed our output estimations, recognizing lower values in biological assets. This led to a loss from this segment of ARS 10.5 million.
|
Area in Operation – Grains (hectares) 3
|
As of 09/30/13
|
As of 09/30/12
|
YoY var
|
|||||||||
Own farms
|
129,825 | 133,599 | -2.8 | % | ||||||||
Leased farms
|
50,631 | 41,926 | 20.8 | % | ||||||||
Farms under concession
|
21,444 | 11,216 | 91.2 | % | ||||||||
Own farms leased to third parties
|
5,059 | 25,453 | -80.1 | % | ||||||||
Total Area Assigned to Grain Production
|
206,960 | 212,194 | -2.5 | % |
►
|
The area in operation for the Grains segment decreased by 2.5%, reaching 206,960 hectares. This was mainly due to a reduction in the area in operation in our own farms, close to 2.8%, and the smaller area consisting of farms leased to third parties (80.1%) while the area in operation in leased farms grew by 20.8% accompanied by an increase in the area in operation in farms under concession (91.2%).
|
►
|
The area of own farms decreased mainly due to the sale of farms during the past year, offset by an expansion in productive areas in Paraguay, Brazil and Argentina.
|
►
|
During the season that starts during this quarter we have expanded the area of leased farms assigned to agricultural production in Argentina. We expect a regular season, and for such reason we increased the area by almost 9,000 hectares.
|
►
|
We have increased the area assigned to agricultural production in the farms under the long term concession granted to Cresud in the Province of Salta, where we will operate more than 21,400 hectares during this season, as we have reduced the area leased to third parties in this farm.
|
in ARS MM
|
IQ 2014
|
IQ 2013
|
YoY var
|
FY 2013
|
FY 2012
|
YoY var
|
||||||||||||||||||
Revenues
|
24.4 | 18.3 | 33.8 | % | 76.7 | 132.3 | -42.0 | % | ||||||||||||||||
Costs
|
-52.5 | -31.5 | 66.7 | % | -145.9 | -163.5 | -10.8 | % | ||||||||||||||||
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
|
10.9 | 11.4 | -4.7 | % | 79.3 | 79.0 | 0.4 | % | ||||||||||||||||
Changes in the net realizable value of agricultural produce after harvest
|
- | -0.0 | -100.0 | % | -0.0 | 0.1 | - | |||||||||||||||||
Gross Income / (Loss)
|
-17.2 | -1.8 | 829.5 | % | 10.0 | 47.9 | -79.0 | % | ||||||||||||||||
Operating Income / (Loss)
|
-29.5 | -9.6 | 207.1 | % | -17.0 | 18.4 | - | |||||||||||||||||
Segment Income / (Loss)
|
-29.5 | -9.6 | 207.1 | % | -17.0 | 18.4 | - |
Beef Cattle (tons)
|
IQ 2014
|
IQ 2013
|
YoY var
|
FY 2013
|
FY 2012
|
YoY var
|
||||||||||||||||||
Beef cattle production
|
1,796 | 2,364 | -24.0 | % | 8,196 | 9,329 | -12.1 | % | ||||||||||||||||
Beef cattle sales
|
4,225 | 2,462 | 71.6 | % | 10,180 | 15,437 | -34.1 | % |
►
|
During this quarter, beef cattle production was lower than in the same quarter of the previous year, while cattle sales grew strongly by 71.6%.
|
►
|
The higher number of tons sold caused sales from this segment to rise by 33.8%; however, costs grew at a higher rate, generating gross losses of ARS 17.2 million. The increase in costs was motivated by the drought in the region of Salta, which led us to increase the amount of cattle fed in feed lots.
|
Area in Operation – Beef Cattle (hectares)
|
As of 09/30/13
|
As of 09/30/12
|
YoY var
|
|||||||||
Own farms
|
75,482 | 74,122 | 1.8 | % | ||||||||
Leased farms
|
12,635 | 12,635 | 0.0 | % | ||||||||
Own farms leased to third parties
|
5,495 | 7,479 | -26.5 | % | ||||||||
Total Area Assigned to Beef Cattle Production
|
93,613 | 94,236 | -0.7 | % |
►
|
The reduction in the area of own farms assigned to beef cattle production has been mild. Besides, we have reduced the area of own farms with beef cattle production leased to third parties.
|
Stock of Cattle Heads
|
As of 09/30/13
|
As of 09/30/12
|
YoY var
|
|||||||||
Breeding stock
|
44,766 | 46,590 | -3.92 | % | ||||||||
Winter grazing stock
|
8,952 | 14,160 | -36.78 | % | ||||||||
Milk farm stock
|
6,666 | 6,870 | -2.97 | % | ||||||||
Total Stock (heads)
|
60,384 | 67,620 | -10.70 | % |
►
|
The fall in beef cattle stocks is explained by sales made during the past fiscal year.
|
in ARS MM
|
IQ 2014
|
IQ 2013
|
YoY var
|
FY 2013
|
FY 2012
|
YoY var
|
||||||||||||||||||
Revenues
|
11.8 | 8.4 | 39.3 | % | 38.8 | 30.2 | 28.7 | % | ||||||||||||||||
Costs
|
-22.9 | -17.0 | 34.5 | % | -74.8 | -57.8 | 29.4 | % | ||||||||||||||||
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
|
11.5 | 9.6 | 19.4 | % | 40.7 | 34.0 | 19.8 | % | ||||||||||||||||
Gross Income
|
0.4 | 1.0 | -66.3 | % | 4.7 | 6.3 | -25.3 | % | ||||||||||||||||
Operating Income / (Loss)
|
-2.0 | -0.3 | 571.2 | % | -0.6 | 1.6 | - | |||||||||||||||||
Segment Income / (Loss)
|
-2.0 | -0.3 | 571.2 | % | -0.6 | 1.6 | - |
Milk Production
|
IQ 2014
|
IQ 2013
|
YoY var
|
FY 2013
|
FY 2012
|
YoY var
|
||||||||||||||||||
Milk Production (liters)
|
4,771 | 4,093 | 16.6 | % | 18,459 | 16,563 | 11.4 | % | ||||||||||||||||
Milk sales (liters)
|
4,611 | 4,022 | 14.6 | % | 16,563 | 16,267 | 1.8 | % | ||||||||||||||||
Daily average milking cows (heads)
|
2,484 | 2,248 | 10.5 | % | 2,392 | 2,046 | 16.9 | % | ||||||||||||||||
Milk Production / Milking Cow / Day (liters)
|
20.9 | 21.2 | -1.5 | % | 21.1 | 22.1 | -4.4 | % |
►
|
We have increased milk production hand in hand with the number of milking cows per day. On the contrary, there has been a slight fall in the level of production per milking cow per day. This notwithstanding, the levels of more than 20 liters by milking cow per day still exceed the targets set by us following the consolidation of our operations in our state-of-the-art milking facility.
|
►
|
There has been an increase in revenues from sales of this segment compared to the same quarter of the previous fiscal year, thanks to an increase in production and higher sales of milk, along with better prices. However, the increase in costs and lower income from changes in the value of biological assets have generated gross income for only ARS 0.4 million.
|
►
|
Therefore, the slim gross income and higher selling and administrative expenses have led to a deterioration in this segment, which posted a loss of ARS 2.0 million.
|
Area in Operation – Milk (hectares)
|
As of 09/30/13
|
As of 09/30/12
|
YoY var
|
|||||||||
Own farms
|
2,864 | 2,780 | 3.0 | % |
►
|
We perform our milking business in El Tigre farm. The change in the area assigned to milking cows is explained by a variation in the areas planted with crops.
|
in ARS MM
|
IQ 2014
|
IQ 2013
|
YoY var
|
FY 2013
|
FY 2012
|
YoY var
|
||||||||||||||||||
Revenues
|
2.1 | 6.6 | -67.8 | % | 30.8 | 25.3 | 21.8 | % | ||||||||||||||||
Costs
|
-2.6 | -1.8 | 40.2 | % | -12.1 | -2.6 | 369.5 | % | ||||||||||||||||
Gross Income / (loss)
|
-0.4 | 4.8 | - | 18.8 | 22.7 | -17.5 | % | |||||||||||||||||
Operating Income / (loss)
|
-3.4 | 3.1 | - | 12.1 | 17.0 | -29.0 | % | |||||||||||||||||
Segment Income / (loss)
|
-3.4 | 3.1 | - | 12.1 | 17.0 | -29.0 | % |
►
|
In this segment we report the results from the lease of farms, mainly developed in our Santa Bárbara and La Gramilla farms. We have reduced leased acreage due to the non-renewal of lease agreements, resulting in a decrease in income as compared to the same period of the previous fiscal year. For this reason, and also due to higher costs, there has been a deterioration in this segment.
|
in ARS MM
|
IQ 2014
|
IQ 2013
|
YoY var
|
FY 2013
|
FY 2012
|
YoY var
|
||||||||||||||||||
Gross Loss
|
-1.8 | -1.6 | 7.2 | % | -5.7 | -4.7 | 22.0 | % | ||||||||||||||||
Gain from disposal of farmlands
|
- | - | - | 149.6 | 45.5 | 228.8 | % | |||||||||||||||||
Operating Income / (Loss)
|
-2.0 | -1.8 | 9.2 | % | 132.6 | 39.2 | 238.1 | % | ||||||||||||||||
Segment Income / (Loss)
|
-2.0 | -1.8 | 9.2 | % | 132.6 | 39.2 | 238.1 | % |
►
|
During the first quarter of this fiscal year no significant transactions were made in this segment, similarly to what happened in the same period of the previous fiscal year. The costs shown here refer to the land development process.
|
Area under Development (hectares)
|
Developed in 2012/2013
|
Projected for 2013/2014
|
||||||
Argentina
|
7,600 | 4,386 | ||||||
Brazil
|
11,800 | 11,883 | ||||||
Paraguay
|
900 | 1,000 | ||||||
Total
|
20,300 | 17,269 |
►
|
During the previous season, we developed more than 20,000 hectares in the region, and we expect to develop 17,269 additional hectares during this season.
|
in ARS MM
|
IQ2014
|
IQ2013
|
YoY var
|
FY 2013
|
FY 2012
|
YoY var
|
||||||||||||||||||
Revenues
|
105.0 | 18.9 | 456.5 | % | 207.8 | 100.1 | 107.6 | % | ||||||||||||||||
Costs
|
-90.0 | -21.4 | 320.1 | % | -198.4 | -110.8 | 79.1 | % | ||||||||||||||||
Gross Income / (loss)
|
15.0 | -2.6 | - | 9.4 | -10.7 | - | ||||||||||||||||||
Operating Income/ (loss)
|
0.2 | -6.0 | - | -24.4 | -25.6 | -4.5 | % | |||||||||||||||||
Segment Income / (loss)
|
0.2 | -6.0 | - | -24.4 | -25.6 | -4.5 | % |
►
|
In this segment we report the results from our meat packing and feedlot business through our subsidiary Cactus. We see an improvement as compared to the previous year, with marginally positive segment results. This is good news if we compare these figures against the results for the previous years. We expect that the context of this industry will improve in the future, leading to higher results.
|
in ARS MM
|
IQ 2014
|
IQ 2013
|
YoY var
|
FY 2013
|
FY 2012
|
YoY var
|
||||||||||||||||||
Revenues
|
25.1 | 18.5 | 35.4 | % | 83.3 | 55.1 | 51.3 | % | ||||||||||||||||
Costs
|
-20.3 | -15.2 | 33.7 | % | -71.2 | -46.1 | 54.5 | % | ||||||||||||||||
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
|
- | -0.1 | -100.0 | % | -1.0 | 0.1 | - | |||||||||||||||||
Gross Income
|
4.8 | 3.3 | 45.4 | % | 11.1 | 9.0 | 23.1 | % | ||||||||||||||||
Management fee
|
- | - | - | - | -8.7 | -100.0 | % | |||||||||||||||||
Operating Loss
|
2.9 | 1.0 | 190.4 | % | 13.0 | -9.2 | - | |||||||||||||||||
Segment Loss
|
2.9 | 1.5 | 92.5 | % | 14.1 | -9.6 | - |
►
|
In this segment we report the results from our controlled company Futuros y Opciones S.A: (“FyO”). There has been an operating improvement as compared to the same quarter of the previous fiscal year, and we expect this trend to continue during the current fiscal year.
|
►
|
The acquisition, development and operation of shopping centers, through its interest of 95.68% in Alto Palermo S.A. (“APSA”) (Nasdaq: APSA, BCBA: APSA). APSA is one of Argentina’s leading operators of shopping centers and holds a controlling interest in 13 shopping centers with more than 307,000 square meters of Gross Leaseable Area.
|
►
|
The acquisition, development and exploitation of office buildings and other non-shopping center properties primarily for rental, for which purpose it has over 130,000 square meters of office leaseable space.
|
►
|
The acquisition and development of residential properties and the acquisition of undeveloped land reserves for future development or sale.
|
►
|
The acquisition and exploitation of luxury hotels.
|
►
|
Selective investments outside Argentina.
|
►
|
Financial investments, including IRSA’s current 29.77% equity interest in Banco Hipotecario, which is one of the leading financial institutions in Argentina.
|
in ARS MM
|
IQ 2014
|
IQ 2013
|
YoY var
|
FY 2013
|
FY 2012
|
YoY var
|
||||||||||||||||||
Revenues
|
621.4 | 483.0 | 28.7 | % | 2,187.2 | 1,790.3 | 22.2 | % | ||||||||||||||||
Operating Income
|
229.1 | 197.9 | 15.7 | % | 1,075.6 | 756.8 | 42.1 | % | ||||||||||||||||
EBITDA
|
284.2 | 248.4 | 14.4 | % | 1,295.7 | 925.7 | 40.0 | % | ||||||||||||||||
Income attributable to IRSA’s shareholders
|
32.4 | 41.1 | -21.3 | % | 238.7 | 203.9 | 17.1 | % |
Description
|
Currency
|
Amount (1)
|
Interest Rate
|
Maturity
|
||||||
Bank overdraft
|
ARS
|
13.4 |
Floating
|
< 365 d
|
||||||
Cresud’s Tranche IV Series VIII Notes
|
USD
|
60.0 |
7.50%
|
Sep-14
|
||||||
Cresud’s Tranche V Series IX Notes (2)
|
ARS
|
9.3 |
BADLAR + 300 bps
|
Dec-13
|
||||||
Cresud’s Tranche V Series X Notes (3)
|
USD
|
61.5 |
7.75%
|
Jun-14
|
||||||
Cresud’s Tranche V Series XI Notes (4)
|
ARS
|
13.9 |
BADLAR + 375 bps
|
Jun-15
|
||||||
Cresud’s Tranche VI Series XII Notes
|
ARS
|
17.6 |
BADLAR + 410 bps
|
Nov-14
|
||||||
Cresud’s Tranche VI Series XIII Notes
|
USD
|
79.4 |
1.900%
|
May-15
|
||||||
Cresud’s Tranche VII Series XIV Notes
|
USD
|
32.0 |
1.500%
|
May-18
|
||||||
Bolivia farms (5)
|
BOB / USD
|
3.1 |
5%-7%
|
2013-2017 | ||||||
Land development financing
|
ARS
|
3.5 |
15.01%
|
Dec-15
|
||||||
Banco de La Pampa Loan
|
ARS
|
3.5 |
Float [10.5% ; 14.5%]
|
Aug-17
|
||||||
Land development financing
|
USD
|
15.3 |
LIBOR 6m; floor: 6%
|
Jan -22
|
||||||
Paraguay rural properties
|
USD
|
0.2 |
0.1
|
Jul-14
|
||||||
Cresud’s Total Debt
|
312.4 | |||||||||
Bank overdraft
|
ARS
|
46.8 |
Floating
|
< 180 d
|
||||||
IRSA’s Tranche I Series I Notes
|
USD
|
150.0 |
8.50%
|
Feb-17
|
||||||
IRSA’s Tranche II Series II Notes (6)
|
USD
|
150.0 |
11.50%
|
Jul-20
|
||||||
IRSA’s Tranche III Series IV Notes
|
USD
|
16.9 |
7.450%
|
Feb-14
|
||||||
Belmont Madison Building Mortgage
|
USD
|
75.0 |
4.22%
|
Aug-17
|
||||||
IRSA’s Total Debt
|
438.7 | |||||||||
Bank overdraft
|
ARS
|
30.0 |
Floating
|
< 30 d
|
||||||
Syndicated loan – Arcos
|
ARS
|
20.4 |
15.01%
|
Nov-15
|
||||||
Syndicated loan - Neuquén
|
ARS
|
19.2 |
15.25%
|
Jun-16
|
||||||
Other Loans
|
ARS
|
5.0 |
15.01%
|
Dec-15
|
||||||
APSA’s Tranche I Series I Notes (7)
|
USD
|
120.0 |
7.88%
|
May-17
|
||||||
Seller Financing
|
USD
|
13.9 |
5.00%
|
Jul-17
|
||||||
APSA’ Total Debt
|
208.5 | |||||||||
Brasilagro’s Total Debt
|
43.5 | |||||||||
Total Consolidated Debt
|
1,003.1 | |||||||||
Consolidated cash
|
109.6 | |||||||||
Repurchase of Debt
|
23.9 | |||||||||
Net Consolidated Debt
|
869.2 |
1 Principal face value in USD (million) at an exchange rate of 5.790 ARS = 6.910 BOB = 2.216 BRL = 1 USD, without considering accrued interest or elimination of balances with subsidiaries.
|
||||
2 As of September 30, 2013 the Company had repurchased a face value of ARS 9.0 million.
|
||||
3 As of September 30, 2013 the Company had repurchased a face value of USD 0.7 million.
|
||||
4 As of September 30, 2013 the Company had repurchased a face value of ARS 21.0 million.
|
||||
5 Purchase of farms in Bolivia by Acres del Sud.
|
||||
6 As of September 30, 2013 the Company had repurchased a face value of USD 8.8 million.
|
||||
7 As of September 30, 2013 the Company had repurchased a face value of USD 10.4 million.
|
►
|
To pay ARS 120.0 million as cash dividends, equivalent to ARS 0.2417 per share (ARS 2.417 per ADR), representing a dividend yield of 2.5%.
|
Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | |||
December 13, 2013 | |||
By: | /S/ Saúl Zang | ||
Saúl Zang | |||
Responsible for the relationship with the markets |